1. Gold has broken out the short-term resistance line, as seen in the daily chart. Furthermore, the $1,250.00 level has also been probed by the bulls recently. The recommendations are to remain flat for now.
2. Immediate resistance is seen at the $1,267.00/70.00 level followed by $1,295.00, while support is spread through the $1,207.00, $1,195.00, $1,182.00, and lower.
3. The structure reveals that till the time prices are above $1,182.00, the immediate resistance at $1,267.00 could be the next target for bulls. Movements below $1,182.00 would negate further strength.
Trading recommendations:
Flat for now. Watch for a reaction at the $1,267.00/70.00 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart
setups:
1. Gold has broken out the short-term resistance line, as seen in the daily chart. Furthermore, the $1,250.00 level has also been probed by the bulls recently. The recommendations are
to remain flat for now.
2. Immediate resistance is seen at the $1,267.00/70.00
level followed by $1,295.00, while support is spread through the $1,207.00,
$1,195.00, $1,182.00,
and lower.
3. The structure reveals that till the time prices are
above $1,182.00, the immediate resistance at $1,267.00 could be the next target
for bulls. Movements
below $1,182.00 would negate further strength.
Trading recommendations:
Flat for now. Watch for a reaction at the $1,267.00/70.00 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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