Happy May Day. Yesterday’s post had you add some paper gold spot positions at 4550. Either the bottom was already in, or it will push to 4400—so keep an eye on whether gold shows a clear stopping action when it touches the blue resistance level. If there are signs of stopping, then this is most likely heading to 4400, which is an excellent right-side short opportunity. If it can hold above the blue resistance level, then the run starting from 4510 is a strong rebound wave, with a target of seeing above 4800. As shown in the picture, today gold stalled around 4650 when it touched the blue resistance level; if that’s the case, it will most likely go down to 4400 again. Friends trading overseas, you can take action now. Set protection at 4660, with a very tight stop-loss. Once it reaches around 4400, buy paper gold to full size. I’ll be spending time with my family over the next few days, so I won’t update for now.

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