Gold Trading Strategy for 21-Nov-2012

Yesterday, Gold managed to cross its weekly pivot point of $1721.67 and we witnessed a good rally thereafter. However, it could not crossed its resistance of $1738. Currently, it is trading around $1724.

Take your long position when it closes above $1728.85 with a stop-loss of $1721.67.

Target 1: $1738.60

Target 2: $1754.83