1. Gold finally gives in to lower side, just ahead of major resistance at $1,361.00 level. A meaningful retracement can now be expected hence aggressive trading recommendations are to initiate short positions between $1,336.00 and $1,338.00. Risk remains at $1,348.50.
2. Immediate major resistance is seen at $1,361.00/62.00, followed by $1,375.00, while supports are spread through $1,307.00, followed by $1,320/30, $1,310.00 and lower.
3. The structure reveals that Gold could be initiating a meaningful retracement towards at least $1,287.00 level. Please note that $1,240.00 is the fibonacci 0.618 support and $1,210.00 is backside of the trend line, which is strong support now.
Trading recommendations:
Initiate short positions at $1,336.00/38.00, stop at $1,348.50, target $1,285.00
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold finally gives in to lower side, just ahead of major resistance at $1,361.00 level. A meaningful retracement can now be expected hence aggressive trading recommendations are to initiate short positions between $1,336.00 and $1,338.00. Risk remains at $1,348.50.
2. Immediate major resistance is seen at $1,361.00/62.00, followed by $1,375.00, while supports are spread through $1,307.00, followed by $1,320/30, $1,310.00 and lower.
3. The structure reveals that Gold could be initiating a meaningful retracement towards at least $1,287.00 level. Please note that $1,240.00 is the fibonacci 0.618 support and $1,210.00 is backside of the trend line, which is strong support now.
Trading recommendations:
Initiate short positions at $1,336.00/38.00, stop at $1,348.50, target $1,285.00
The material has been provided by InstaForex Company – www.instaforex.com
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