Gold Technical Analysis for July 29, 2016.
July 29, 2016 3:39 amVideo
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Technical outlook and chart setups:
Gold is seen to be trading at
$1,338.00/39.00 levels at this moment, looking to push higher. Please note that
the metal broke out of the tight consolidation range and hit highs at $1,345.00
levels. 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 and it is also possible that a
meaningful top is in place at $1,345.00. It is hence recommended to exit long
for now and plan to sell on rallies. Immediate support is seen at $1,333.00
levels, while resistance is at $1,350.00 levels respectively.
Trading recommendations:
Exit long positions now and look
to short between $1,340.00/50.00 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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