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Khamis, 16 Februari 2012

GOLD (Spot) intraday: rebound expected.

Analysis Gold. ( 16/02/2012 07:54 )


Pivot: 1713.00

Our Preference: LONG positions above 1713 with targets @ 1737 & 1741.

Alternative scenario: The downside penetration of 1713 will call for a slide towards 1704 & 1692.

Comment: the RSI has just landed on a support around 30% and is reversing up.

Trend: ST Bullish; MT Bullish

Key levels Comment

1752* Horizontal resistance
1741** Intraday resistance
1737* Intraday resistance

1720 Last

1713*** Intraday pivot point
1704** Fib retracement (50%)
1692** Fib retracement (61.8%)


TIPS

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Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.

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