Gold dropped to the level of $1,058.00/59.00 yesterday before pulling back higher again. The metal is trading at the level of $,063.00 at the moment looking for an opportunity to break above the level $1,080.00. The yellow metal is trading within a channel after having broken out of immediate trend-line resistance. Please note that the metal is still holding its Fibonacci 0.618 support and a push to $1,080.00 would confirm prices moving further up to $1,115.00. It is hence recommended to hold long positions taken earlier with risk at the levels of $1,043.00. Immediate support is seen at $1,057.00, while resistance is seen at $1,080.00.
Trading recommendations:
Remain long with stop at $1,043.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold dropped to the level of $1,058.00/59.00 yesterday before pulling back higher again. The metal is trading at the level of $,063.00 at the moment looking for an opportunity to break above the level $1,080.00. The yellow metal is trading within a channel after having broken out of immediate trend-line resistance. Please note that the metal is still holding its Fibonacci 0.618 support and a push to $1,080.00 would confirm prices moving further up to $1,115.00. It is hence recommended to hold long positions taken earlier with risk at the levels of $1,043.00. Immediate support is seen at $1,057.00, while resistance is seen at $1,080.00.
Trading recommendations:
Remain long with stop at $1,043.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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