The metal has resumed retracement after printing highs at 1,361.00 recently. The Fed’s outlook has proved to be the trigger for the fall late night. It is recommended to await prices to retrace up to 1,280/1,300, before planning to go long again. Immediate resistance is at the 1,370/80 levels, while support levels are spread through 1,250.00, followed by 1,210 and 1,180 respectively. 1,280-1,300 is the confluence of backside of the trend line which is support now, the fibonacci 0.618 support and a potential right shoulder for the inverted head-and-shoulder reversal. Till the time prices remain above the 1,250.00 levels, look higher.
Trading recommendations:
Look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has resumed retracement after printing highs at 1,361.00 recently. The Fed’s outlook has proved to be the trigger for the fall late night. It is recommended to await prices to retrace up to 1,280/1,300, before planning to go long again. Immediate resistance is at the 1,370/80 levels, while support levels are spread through 1,250.00, followed by 1,210 and 1,180 respectively. 1,280-1,300 is the confluence of backside of the trend line which is support now, the fibonacci 0.618 support and a potential right shoulder for the inverted head-and-shoulder reversal. Till the time prices remain above the 1,250.00 levels, look higher.
Trading recommendations:
Look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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