1. Gold has tested recent swing high at $1,279.00 before falling back sharply. Indications from here are pointing low towards at least $1,215.00. It is still recommended to hold short positions, risk remains at $1,282.50.
2. Immediate intermediary resistance is at $1,279.00, followed by $1,290/95, while supports are at $1,230.00, $1,218.00/20.00 and $1,182.00 respectively.
3. The structure indicates of a bottom in place at $1,180.00/82.00. A downswing should be under way towards $1,220.00/15.00 levels before rallying towards fresh highs.
Trading recommendations:
Remain short for now, stop at $1,282.50, target at $1,220.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold has tested recent swing high at $1,279.00 before falling back sharply. Indications from here are pointing low towards at least $1,215.00. It is still recommended to hold short positions, risk remains at $1,282.50.
2. Immediate intermediary resistance is at $1,279.00, followed by $1,290/95, while supports are at $1,230.00, $1,218.00/20.00 and $1,182.00 respectively.
3. The structure indicates of a bottom in place at $1,180.00/82.00. A downswing should be under way towards $1,220.00/15.00 levels before rallying towards fresh highs.
Trading recommendations:
Remain short for now, stop at $1,282.50, target at $1,220.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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