Gold has re-tested its highs at $1,375.00 levels today before pulling back lower. The yellow metal is seen to be trading at $1,367.00 levels at the moment, looking to slide lower. Please note that $1,380.00 levels should provide enough resistance to the metal, if it manages to reach there. The wave structure reveals that the metal has either completed or is very close to completing the 5-wave rally from $1,046.00 levels, seen in December 2015. It should retrace the entire rally in 3 corrective waves starting around current levels soon. The metal is already beginning to drop as this is being written and is now trading at $1,365.00 levels. It is hence recommended to remain short now, with risk above $1,380.00 levels. Immediate support is seen at $1,335.00 levels, while resistance is at $1,380.00 levels respectively. A push below $1,335.00 levels would confirm that a meaningful top is in place at $1,375.00 levels.
Trading recommendations:
Remain short now, stop above $1,380.00/82.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Gold has re-tested its highs at
$1,375.00 levels today before pulling back lower. The yellow metal is seen to
be trading at $1,367.00 levels at the moment, looking to slide lower. Please
note that $1,380.00 levels should provide enough resistance to the metal, if it
manages to reach there. The wave structure reveals that the metal has either
completed or is very close to completing the 5-wave rally from $1,046.00 levels,
seen in December 2015. It should retrace the entire rally in 3 corrective waves
starting around current levels soon. The metal is already beginning to drop as
this is being written and is now trading at $1,365.00 levels. It is hence
recommended to remain short now, with risk above $1,380.00 levels. Immediate
support is seen at $1,335.00 levels, while resistance is at $1,380.00 levels
respectively. A push below $1,335.00 levels would confirm that a meaningful top
is in place at $1,375.00 levels.
Trading recommendations:
Remain short now, stop above
$1,380.00/82.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: