Gold Futures Trading Near Big Support Zone of $ 1600 an Ounce

Lowest Settlement Price Since 15th August

Big bearish trades moves Gold Futures to near it's big support zone. After the closing bell on Friday's trades it's down sharply 3.4% for the week. Only the good positive sign is that the price managed to close above key support at $ 1600 an ounce. Actually the counter manage to settle at $ 1609.50 an ounce on the Comex division of the New York Mercantile Exchange.

Friday's ( 15th February,2013) was the lowest settlement price for a most active contract since 15th August. 

Trading Strategies on Gold :-
Long Above $ 1600 for Target of $ 1650, $ 1680, $ 1695

Sell Below $ 1600 for target of $ 1570, $ 1550