Gold seems to have carved out a lower top at $1,340.00 levels on Friday before pulling back lower. The metal is seen to be trading at $1,339.00 levels for now, looking to test recent highs and continue lower. Please note that a push higher above $1,342.00 and subsequently above $1,352.00 levels would change the structure. At the moment, the wave structure favors bears with $1,343.00 levels being intact. Besides, please note that the metal has reacted at the Fibonacci 0.786 resistance of its earlier drop. It is hence recommended to remain short for now with risk above $1,352.00 levels. Immediate resistance is seen at $1,345.00 levels, while support is at $1,330.00 levels. Bears are expected to take control back from the current levels.
Trading recommendations:
Please remain short for now, stop above $1,355.00, 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 seems to have carved out a lower top at $1,340.00 levels on Friday before pulling back lower. The metal is seen to be trading at $1,339.00 levels for now, looking to test recent highs and continue lower. Please note that a push higher above $1,342.00 and
subsequently above $1,352.00 levels would change the structure. At the moment,
the wave structure favors bears with $1,343.00 levels being
intact. Besides, please note that the metal has reacted at the Fibonacci 0.786
resistance of its earlier drop. It is hence recommended to remain short for
now with risk above $1,352.00 levels. Immediate resistance is seen at
$1,345.00 levels, while support is at $1,330.00 levels. Bears are
expected to take control back from the current levels.
Trading recommendations:
Please remain short for now, stop
above $1,355.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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