Good day traders!
Gold Daily
Psycho level $1600 now serve as a strong resistance level, with closing above the level would open more gain towards $1640.82, June 6 high. Fail to do so would open more weakness towards $1585, $1574 ( half of daily candle) and $1550. Although both of the momentum indicators are pointing up, it is still early to enter the market. I would rather stay aside and wait for the next development at $1600.
Happy piping!
Shufaad http://blog.melakafx.com/
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