COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 17/5/2019 - Enter correction, below 1284 to trigger more downside

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Publish date: Fri, 17 May 2019, 10:19 AM
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17/5/2019
 
*Gold Jun 19*
 
Previous Close: 1286.2 -10.2
 
Strengthening stock market & USD sent gold lower. 
 
Daily chart showed gold retreated from 38.2 Fibo retracement level of swing 1349.8-1267.3 after double bottom rebound.
 
*Classic Support & Resistance* 
Resistance: 1293.6 1304.2
Support:  1278.1 1267.3
 
*Recommend Trading Plan for the day:* 
1. Sell 1284.6, stop 1285.8, profit 1283.4/1282.2/1281
2. Buy 1287.5, stop 1286.3, profit 1288.7/1289.9/1291.1
 
*Margin Requirement (per lot)* 
USD 3740
Micro: USD 374
 
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