Gold is at 0.786 Fibonacci support. 1,250.00 is support for uptrend to continue
November 15, 2013 10:30 am
Technical outlook and chart setups:
The metal looks to have taken support at the fibonacci 0.786 retracement levels at 1,260/70 levels as seen here. It is recommended to hold long positions taken earlier and also look to add fresh positions at current levels. As seen here, the presumed counter trend line is converging at 1,290.00 levels now and a push above, shall confirm that the next upswing towards 1,500.00 levels is underway now. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00; while intermediary resistance is at 1,325.00 levels, followed by 1,360.00, 1,370/75 respectively. Any drop below 1,250.00 levels would nullify the bullish scenarios.
Trading recommendations:
Remain long and add further long positions at current levels. Stop is at 1248.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal looks to have taken support at the fibonacci 0.786 retracement levels at 1,260/70 levels as seen here. It is recommended to hold long positions taken earlier and also look to add fresh positions at current levels. As seen here, the presumed counter trend line is converging at 1,290.00 levels now and a push above, shall confirm that the next upswing towards 1,500.00 levels is underway now. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00; while intermediary resistance is at 1,325.00 levels, followed by 1,360.00, 1,370/75 respectively. Any drop below 1,250.00 levels would nullify the bullish scenarios.
Trading recommendations:
Remain long and add further long positions at current levels. Stop is at 1248.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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