Gold is trading at $1,064.00 now after bouncing off the resistance turned support trend line at $1.058.00 earlier. The metal is bouncing off between the channel as depicted here and requires a breakout in either direction to determine the next big move. It is hence recommended to avoid taking fresh long positions and reverse if the metal breaks below the channel line. Immediate support is seen at $1,045.00 and lower, while resistance is seen at $1,080.00 followed by $1,090.00 and higher.
Trading recommendations:
Remain long with stop at $1,045.00 OR remain flat.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is trading at $1,064.00 now after bouncing off the resistance turned support trend line at $1.058.00 earlier. The metal is bouncing off between the channel as depicted here and requires a breakout in either direction to determine the next big move. It is hence recommended to avoid taking fresh long positions and reverse if the metal breaks below the channel line. Immediate support is seen at $1,045.00 and lower, while resistance is seen at $1,080.00 followed by $1,090.00 and higher.
Trading recommendations:
Remain long with stop at $1,045.00 OR remain flat.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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