XAUUSD (GOLD)

Jim Rodgers was out yesterday saying that there are too many short positions in the market and he expects a short-covering rally to clear weak shorts to materialize soon. There has been ME names buying in the market and I also think we are likely to see a short-covering rally soon. I usually trade intra-day by observing price on my support and resistances. Break of one level in most instances usually targets and hits the other as target and I use them for positioning stoplosses and targets. I can get more support and resistances but that would make the chart rather untidy hence preference to avail these ones. Calculated from current support 1235.93 Intra-day(Recalculated daily, plot them on your chart today and see how they pan out)

Supports

1229.75035

1223.601598

1217.48359

1211.396172

1205.339191

  Resistance 

1242.10965

1248.320198

1254.561799

1260.834608

1267.138781

1273.474475