Gold Technical Analysis for September 28, 2016.

Technical outlook and chart setups:

Gold finally gives in to bearish
break out as expected and discussed earlier. The metal has broken lower and has
made fresh intraday lows at $1,324.00/25.00 levels as depicted here. Please
also note that the wave structure still indicates for a continued push lower
towards $1,320.00 levels at least. The metal had reversed from $1,339.00 levels
as discussed yesterday and hence probability turns higher for bears to remain
in control going forward. It is recommended to take partial profits on short
positions now and wait for opportunities to go short again on intraday rallies.
Immediate resistance is now seen at $1,340.00/43.00 levels, while support is at
$1,320.00 levels respectively. The metal is expected to print one more low
around $1,320.00 levels before producing a counter trend rally.

Trading recommendations:

Please book partial profits on
short positions taken earlier. Stop at $1,355.00, target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com