1. Gold has been in a downtrend since making highs at $1,920.00 levels. and it looks to be in its last leg down towards possible $1,150.00/60.00 in near future. It is therefore recommended to remain short or keep selling on intraday rallies for now. The risk remains at $1,250.00/52.00 for bears.
2. As depicted here, the past support turned resistance is at $1,210.00/20.00, $1,230.00/50.00 and higher, while support is at $1,180.00, followed by $1,150.00 and lower.
3. The entire structure reveals that major support should come around $1,150.00 for now. A bullish reversal here, could potentially change trend to higher. But below $1,150.00, expect Gold to move towards $1030.00 before reversing.
Trading recommendations:
Remain short between $1,210.00/20.00, stop at $1,250.00, target is at $1,150.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold has been in a downtrend since making highs at $1,920.00 levels. and it looks to be in its last leg down towards possible $1,150.00/60.00 in near future. It is therefore recommended to remain short or keep selling on intraday rallies for now. The risk remains at $1,250.00/52.00 for bears.
2. As depicted here, the past support turned resistance is at $1,210.00/20.00, $1,230.00/50.00 and higher, while support is at $1,180.00, followed by $1,150.00 and lower.
3. The entire structure reveals that major support should come around $1,150.00 for now. A bullish reversal here, could potentially change trend to higher. But below $1,150.00, expect Gold to move towards $1030.00 before reversing.
Trading recommendations:
Remain short between $1,210.00/20.00, stop at $1,250.00, target is at $1,150.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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