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You can do both, I don't see problem with that. Instead of calling the employers directly, you can call recruiters and ask them if they have position(s) matching your skills and experience. In my experience posting your resume online and making it accessible for recruiters and employers works very well too.
As Peter said you better contact several recruiters and establish personal relation with them. Send them your resume and try to convince them that you are qualified professional and if they send you to an interview you have good chances to get the job.
Cold calling is very time consuming in my experience and most likely won’t help you finding a job.
I would say do both, but do selective cold calling, if I may use that term. Call recruiters and leave messages and follow-up in a couple of days. Update your resume regularly too.
I do cold to find out who is hiring and for what position and the name of the hiring manager. I've never worked with a recruiter before but that sounds like really good advice in regards to establishing a relationship with them. Usually big companies use their services to fill the "good" jobs