14/3/2019
*Gold Apr 19*
Previous Close: 1309.3 +11.2
Gold settled higher at nearly 2 week high on Wednesday as below than expected US economic data reinforced views the Federal Reserve would be patient on monetary policy and also supported by uncertainty over a Brexit deal.
Hourly chart formed higher highs & lows, may test 50-61.8 Fibo retracement level of swing 1349.8-1280.8 with now go for a technical correction from RSI overbought.
*Classic Support & Resistance*
Resistance: 1316.5 1328.9
Support: 1290.6 1280.8
*Recommend Trading Plan for the day:*
1. Look for buy signal above 1311.6.
2. Sell 1309 for technical correction, stop 1310.4, profit 1307.6/1306.2/1304.8.
*Margin Requirement (per lot)*
USD 3740
Micro: USD 374
Disclaimer: Idea sharing only, trade at your own risk.
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