Gold produces morning star just ahead of 1210.00 levels. Remain flat
December 5, 2013 11:30 am
Technical outlook and chart setups:
The metal has produced a morning star candlestick pattern just ahead of the 1,210.00 support as seen on chart here. We need a rally that pushes through at least 1,258.00 levels to confirm, that the short term recovery might be coming in. It is recommended to remain flat for now, since possibilities remain both sides for now. Immediate support is at 1,210.00, followed by 1,180.00 while resistance is at 1,258.00, 1,375.00 and higher up. Please also note that yesterday’s reversal has been at 0.786 fibonacci support levels and it does have a significance for a potential pullback atleast.
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 produced a morning star candlestick pattern just ahead of the 1,210.00 support as seen on chart here. We need a rally that pushes through at least 1,258.00 levels to confirm, that the short term recovery might be coming in. It is recommended to remain flat for now, since possibilities remain both sides for now. Immediate support is at 1,210.00, followed by 1,180.00 while resistance is at 1,258.00, 1,375.00 and higher up. Please also note that yesterday’s reversal has been at 0.786 fibonacci support levels and it does have a significance for a potential pullback atleast.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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