1. Gold takes out the recent swing highs at $1,279.00 early morning today. The next challenge for bulls is $1,294.00/95.00 levels. We have been stopped out and recommendations are to remain flat for now. Please note that the metal is out of the channel line resistance since last 2 trading sessions now and that the resistance line is now support for any dips. General strategy from here on would be to buy on dips.
2. Immediate resistance is at $1,294.00/95, followed by $1,20.00/30, while support is now at $1,238.00/30.00, followed by $1,220/10 and lower respectively.
3. The daily structure reveals that a trend reversal might be on its way. Watch out for $1,293.00/94.00 region now, which is also the fibonacci 0.618 resistance of the earlier downswing. A reaction is expected there for the bears to hold grip for a while and bring prices lower towards $1,220.00/25.00.
Trading recommendations:
Remain flat. Looking to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold takes out the recent swing highs at $1,279.00 early morning today. The next challenge for bulls is $1,294.00/95.00 levels. We have been stopped out and recommendations are to remain flat for now. Please note that the metal is out of the channel line resistance since last 2 trading sessions now and that the resistance line is now support for any dips. General strategy from here on would be to buy on dips.
2. Immediate resistance is at $1,294.00/95, followed by $1,20.00/30, while support is now at $1,238.00/30.00, followed by $1,220/10 and lower respectively.
3. The daily structure reveals that a trend reversal might be on its way. Watch out for $1,293.00/94.00 region now, which is also the fibonacci 0.618 resistance of the earlier downswing. A reaction is expected there for the bears to hold grip for a while and bring prices lower towards $1,220.00/25.00.
Trading recommendations:
Remain flat. Looking to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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