Gold has managed to push through $1,130.00/32.00 levels for now, as expected. Please note that it has reached the fibonacci 0.618 resistance levels, and a turn around can be expected here. Also, $1,130.00/32.00 levels is past support turned resistance now. It is hence expected to book profits on long positions taken earlier and watch out for a bearish reaction. Immediate support is seen at $1,110.00 levels, followed by $1,090.00, $1,080.00 and lower, while resistance is seen at $1,67.00 levels, followed by $1,175.00 and higher respectively.
Trading recommendations:
Book profits on long positions and remain flat.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold has managed to push through $1,130.00/32.00 levels for now, as expected. Please note that it has reached the fibonacci 0.618 resistance levels, and a turn around can be expected here. Also, $1,130.00/32.00 levels is past support turned resistance now. It is hence expected to book profits on long positions taken earlier and watch out for a bearish reaction. Immediate support is seen at $1,110.00 levels, followed by $1,090.00, $1,080.00 and lower, while resistance is seen at $1,67.00 levels, followed by $1,175.00 and higher respectively.
Trading recommendations:
Book profits on long positions and remain flat.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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