You are here: Home > articles > Commodities > Gold targeting 1,290-1,300 as bottom. Resistance remains at 1,500.00
Gold targeting 1,290-1,300 as bottom. Resistance remains at 1,500.00
May 14, 2013 12:45 pmVideo
Latest News
- Trading plan for GBP/USD on May 9. Simple tips for beginners May 9, 2024
- Trading plan for EUR/USD on May 9. Simple tips for beginners May 9, 2024
- Forecast for EUR/USD on May 9, 2024 May 9, 2024
- Forecast for GBP/USD on May 2024 May 9, 2024
- Forecast for USD/JPY on May 9, 2024 May 9, 2024
- Outlook for GBP/USD on May 9. The pound flat ahead of the Bank of England meeting May 9, 2024
- Outlook for EUR/USD on May 9. Third consecutive boring day for the euro May 9, 2024
- What to expect from the Bank of England meeting? May 9, 2024
- The euro hits certain points May 9, 2024
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
- Analysis of GBP/USD on May 8th. The pound hits an important level May 8, 2024
- USD/JPY: Simple Trading tips for novice traders on May 8th (US session) May 8, 2024
- GBP/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- EUR/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- Trading Signals for CRUDE OIL (WIT) for May 8-15, 2024: buy above $78.12 (21 SMA – 2/8 Murray) May 8, 2024
- GBP/USD: trading plan for the US session on May 8th (analysis of morning deals). The pound was bought in the area of 1.2471 May 8, 2024
- EUR/USD: trading plan for the US session on May 8th (analysis of morning deals). No statistics, no movement May 8, 2024
- EUR/USD. May 8th. The market continues to rest against the background of an empty calendar May 8, 2024
- Technical Analysis – USDCAD enjoys renewed strength May 8, 2024
- Technical Analysis – US 500 index advances towards all-time high May 8, 2024
Technical outlook and chart setups:
The weekly chart presented here depicts a possibility of another low below 1,320.00. The Fibonacci extensions of the downswing from 1,900 level to 1,550 are pointing towards an extension of 1,290.00 and 1,300.00. Hence it is recommended to remain short for now with risk at 1,500.00 level. As seen here, the 1,500.00 level is past support turned resistance level on weekly view. A push above 1,520/50 levels will be required to conclude that gold has reversed for good. Till then, traders should remain short on rallies targeting 1,290.00 Intermediary support is at 1,380 now, the 0.618 Fibonacci support of the recent rally.
Trading recommendations:
Remain short, stop is at 1,500.00, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: