The metal has formed a sloping channel resistance line in the recent days as shown here. Till the time, Gold is below the channel resistance line, there are all possibilities for fresh lows printed below 1180.00 levels. At the moment, the fibonacci 0.786 support is again being tested as seen here. A break below the 1230.00 region now would warrant a fall towards 1180.00 and lower towards 1150.00 as well. On the flip side, a bullish bounce here could enable bulls to push further higher towards the channel resistance at least. Only a break above 1325.00 would compel us to think bullish on the counter. Looking for direction now.
Trade Recommendations:
Flat for now.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook and Chart Setups:
The metal has formed a sloping channel resistance line in the recent days as shown here. Till the time, Gold is below the channel resistance line, there are all possibilities for fresh lows printed below 1180.00 levels. At the moment, the fibonacci 0.786 support is again being tested as seen here. A break below the 1230.00 region now would warrant a fall towards 1180.00 and lower towards 1150.00 as well. On the flip side, a bullish bounce here could enable bulls to push further higher towards the channel resistance at least. Only a break above 1325.00 would compel us to think bullish on the counter. Looking for direction now.
Trade Recommendations:
Flat for now.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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