By FXEmpire.com
The gold markets had a positive day on Thursday as the hammer from the Wednesday session was violated to the upside. This was our prediction yesterday, and if you followed our analysis you are now in profit. The real question is how to manage this trade going forward. After all, there is an obvious range that we are trading in – between the $1,640 and $1,680 levels. Because of this, we are willing to take profits at the top of the range, and only reenter to the long side if we get a pullback or a solid daily close above the $1,700 level. With the recent trading action, it looks as if we could be consolidating for a while, so taking profits at the top of the range is the prudent thing to do.
Originally posted here
