Gold pullback resumes. Hold long for now. 1,250.00 is interim support
October 17, 2013 5:45 am
Technical outlook and chart setups:
The metal seems to have resumed the probable counter trend rally now. Resistance levels are lined up from 1,330.00, followed by 1,350.00, 1,375.00, 1,400.00 and 1,440, while support levels are 1,210 and 1,180, respectively. If the 1,330.00 level is expected now, then we will decide further movements. For now, it is recommended to remain long on positions taken yesterday with risk just below 1,250.00. As depicted here, the structure may be unfolding as a larger downswing which could finally end up printing fresh lows below 1,180.00 levels. General strategy is selling into rallies.
Trading recommendations:
Long for now against 1,248.00 (short-term strategy)
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal seems to have resumed the probable counter trend rally now. Resistance levels are lined up from 1,330.00, followed by 1,350.00, 1,375.00, 1,400.00 and 1,440, while support levels are 1,210 and 1,180, respectively. If the 1,330.00 level is expected now, then we will decide further movements. For now, it is recommended to remain long on positions taken yesterday with risk just below 1,250.00. As depicted here, the structure may be unfolding as a larger downswing which could finally end up printing fresh lows below 1,180.00 levels. General strategy is selling into rallies.
Trading recommendations:
Long for now against 1,248.00 (short-term strategy)
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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