Gold attempting a break above 1,250/60. Resistance is at 1,270/80.
December 10, 2013 9:45 am
Technical outlook and chart setups:
The metal still remains locked in its trading range between 1,210.00 and 1,245/50. At the moment, it is testing the upper boundary (resistance) of the trading range. It is still recommended to remain flat for now. As seen here, major resistance levels are 1,350.00, followed by 1,440.00 and higher; while support levels are 1,210.00, followed by 1,180.00 and lower respectively. Also, the metal should continue to print lower highs and lower lows till the time it is within the channel line resistance. Only a clear break above 1,300.00 and subsequently 1,350.00 would turn it bullish.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal still remains locked in its trading range between 1,210.00 and 1,245/50. At the moment, it is testing the upper boundary (resistance) of the trading range. It is still recommended to remain flat for now. As seen here, major resistance levels are 1,350.00, followed by 1,440.00 and higher; while support levels are 1,210.00, followed by 1,180.00 and lower respectively. Also, the metal should continue to print lower highs and lower lows till the time it is within the channel line resistance. Only a clear break above 1,300.00 and subsequently 1,350.00 would turn it bullish.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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