Gold trading strategy | 23-Oct-2012

Let us discuss the trading strategy in Gold for today. Gold is currently trading near $1722. It’s been in downtrend from the last few trading sessions. On the upside, $1730 has become the main resistance level. Do not take any long position till Gold closes above $1730-$1734. On the daily chart, $1686 – $1690 seems to be very strong support. Till then, continue with your short positions.