Gold continues to range trade. 1,480/85 resistance
May 7, 2013 10:15 am
Technical outlook and chart setups:
The metal has done nothing since few trading sessions. Immediate resistance is at 1,480/80 region, while support is around 1,420/40 region. It is recommended to remain flat for now and plan to buy towards the lows of 1,420/40 region or sell around the highs around 1,480/90. Also please note that Gold is likely to face stiff resistance around 1,500/20 levels, which is past support turned resistance for now. Hence the long side should remain well capped below 1,520.00 level for now. On the other hand, if the metal retraces towards 1,400.00 level, it remains a good buy on clear bounce. This level has been re-enforced by Fibonacci 0.618 support and also the past resistance turned support region. Supports lower are around 1,300/1,290 levels. The yellow metal is expected to bottom out around 1,290/1,300 levels, according to weekly charts.
Trading 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 done nothing since few trading sessions. Immediate resistance is at 1,480/80 region, while support is around 1,420/40 region. It is recommended to remain flat for now and plan to buy towards the lows of 1,420/40 region or sell around the highs around 1,480/90. Also please note that Gold is likely to face stiff resistance around 1,500/20 levels, which is past support turned resistance for now. Hence the long side should remain well capped below 1,520.00 level for now. On the other hand, if the metal retraces towards 1,400.00 level, it remains a good buy on clear bounce. This level has been re-enforced by Fibonacci 0.618 support and also the past resistance turned support region. Supports lower are around 1,300/1,290 levels. The yellow metal is expected to bottom out around 1,290/1,300 levels, according to weekly charts.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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