Gold had broken above $1,270.00 levels last Friday and print new interim highs at $1,284.00 levels before retracing lower. Furthermore, the metal has formed yet another higher low at $1,272.00 levels yesterday. The metal is trading at $1,283.00 levels for now and should be looking to push higher towards $1,295.00/1,303.00 levels from here. Please note that the metal should push through the past support turned resistance zone around $1,304.00 levels as discussed earlier. The wave structure also indicates that the counter trend rally that began from $1,241.00 levels is expected to terminate around $1,304.00 levels. It is recommended to remain flat now and look to sell around $1,303.00/10.00 levels again, while aggressive traders should remain long with risk below $1,270.00. Immediate resistance is now seen at $1,304.00/10.00 levels, while support is at $1,260.00 levels respectively.
Trading recommendations:
Aggressive traders remain long now with stop at $1,270.00 levels, targeting $1,303.00. Conservative trade setup is to go short at higher levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
Gold had broken above $1,270.00
levels last Friday and print new interim highs at $1,284.00 levels before
retracing lower. Furthermore, the metal has formed yet another higher low at
$1,272.00 levels yesterday. The metal is trading at $1,283.00 levels for now
and should be looking to push higher towards $1,295.00/1,303.00 levels from
here. Please note that the metal should push through the past support turned
resistance zone around $1,304.00 levels as discussed earlier. The wave
structure also indicates that the counter trend rally that began from $1,241.00
levels is expected to terminate around $1,304.00 levels. It is recommended to
remain flat now and look to sell around $1,303.00/10.00 levels again, while
aggressive traders should remain long with risk below $1,270.00. Immediate
resistance is now seen at $1,304.00/10.00 levels, while support is at $1,260.00
levels respectively.
Trading recommendations:
Aggressive traders remain long now with stop
at $1,270.00 levels, targeting $1,303.00. Conservative trade setup is to go
short at higher levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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