Gold rally to gather pace. 1,290/1,300 remains best buy
November 5, 2013 12:15 pm
Technical outlook and chart setups:
The metal has been almost unchanged since yesterday, after bouncing off from the 1,310.00 levels. As depicted here, it is quite possible that the retracement or pullback might be over around the 1,310.00 levels; hence, it is recommended to remain long on positions initiated yesterday. As shown here, the best buy still remains between the 1,290/1,300 levels which is the fibonacci 0.618 retracement of the entire rally from 1,250.00 to 1,350.00. Intermediary support here is at 1,250.00; followed by 1,210.00 and then 1,180.00; while resistance is at 1,370/75, followed by 1,410.00 and 1,440.00, respectively. Looking higher from here on.
Trading recommendations:
Hold on to long positions, buy more between 1,290 and 1,300, set stop at 1,250, target is open
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has been almost unchanged since yesterday, after bouncing off from the 1,310.00 levels. As depicted here, it is quite possible that the retracement or pullback might be over around the 1,310.00 levels; hence, it is recommended to remain long on positions initiated yesterday. As shown here, the best buy still remains between the 1,290/1,300 levels which is the fibonacci 0.618 retracement of the entire rally from 1,250.00 to 1,350.00. Intermediary support here is at 1,250.00; followed by 1,210.00 and then 1,180.00; while resistance is at 1,370/75, followed by 1,410.00 and 1,440.00, respectively. Looking higher from here on.
Trading recommendations:
Hold on to long positions, buy more between 1,290 and 1,300, set stop at 1,250, target is open
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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