Gold is seen to be trading at $1,341.00/42.00 levels at this moment, as expected and discussed earlier. Please note that the metal broke out of the tight consolidation range just ahead of Fed rate. The yellow metal is seen to be in its last leg rally towards $1,350.00/60.00 levels. The wave structure also indicates that the drop from $1,375.00 through $1,310.00 levels is impulse (5 waves) and a 3 wave counter trend rally has also followed through. Bulls would want to remain in control till about $1,350.00 levels going forward. It is hence recommended to remain long for now with risk below $1,330.00 levels, taking some profits is also favorable. Immediate support is seen at $1,335.00 levels, while resistance is at $1,350.00 levelsrespectively.
Trading recommendations:
Remain long, stop below $1,330.00, targeting $1,350.00. Then turn lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Gold is seen to be trading at
$1,341.00/42.00 levels at this moment, as expected and discussed earlier.
Please note that the metal broke out of the tight consolidation range just
ahead of Fed rate. The yellow metal is seen to be in its last leg rally towards
$1,350.00/60.00 levels. The wave structure also indicates that the drop from
$1,375.00 through $1,310.00 levels is impulse (5 waves) and a 3 wave counter
trend rally has also followed through. Bulls would want to remain in control
till about $1,350.00 levels going forward. It is hence recommended to remain
long for now with risk below $1,330.00 levels, taking some profits is also favorable. Immediate support is seen at $1,335.00 levels, while resistance is
at $1,350.00 levelsrespectively.
Trading recommendations:
Remain long, stop below $1,330.00,
targeting $1,350.00. Then turn lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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