Gold printed fresh highs yesterday around $1,375.00 levels before pulling back lower. The metal is seen to be trading at $1,267.00 level at the moment, looking to resume lower. The wave structure indicates that the yellow metal might have completed a 5-wave rally from $1,046.00 through $1,375.00 level as depicted here. Please note that the upper side looks limited from here and may push through $1,378.00/80.00 levels maximum before reversing. It is hence recommended to prepare to sell around those levels on confirmation. Immediate resistance is seen through $1,378.00/80.00 levels, while support is at $1,340.00 level respectively. Furthermore, the daily chart produced a Pinbar candlestick pattern yesterday, indicating a potential reversal lower from here.
Trading recommendations:
Remain flat for now. Look to sell around $1,278.00/80 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Gold printed fresh highs
yesterday around $1,375.00 levels before pulling back lower. The metal is seen
to be trading at $1,267.00 level at the moment, looking to resume lower. The wave
structure indicates that the yellow metal might have completed a 5-wave rally
from $1,046.00 through $1,375.00 level as depicted here. Please note that the
upper side looks limited from here and may push through $1,378.00/80.00 levels
maximum before reversing. It is hence recommended to prepare to sell around
those levels on confirmation. Immediate resistance is seen through $1,378.00/80.00
levels, while support is at $1,340.00 level respectively. Furthermore, the
daily chart produced a Pinbar candlestick pattern yesterday, indicating a
potential reversal lower from here.
Trading recommendations:
Remain flat for now. Look to sell
around $1,278.00/80 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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