23/7/2018
*Gold Aug 18*
Previous Close: 1231.1 +7.1
Please be noted that Aug 18 contract will be expired by next week, traders may choose to trade Dec 18 contract. Gold rose to above 1230 from 1 year low on the back of weakened USD.
Daily chart showed a rebound from RSI oversold and hourly chart now testing 38.2% (or 61.8%) of Fibo retracement of previous down swing 1266.9-1210.7.
*Classic Support & Resistance*
Resistance: 1248.8 1257.3
Support: 1220.8 1210.7
*Recommend Trading Plan for the day:*
1. Sell 1231.2, stop 1232.4, profit 1230/1228.8.
2. Look for technical rebound buy signal above 1235.2.
*Margin Requirement (per lot)*
USD 3410
Micro: USD 341
Disclaimer: Idea sharing only, trade at your own risk.
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