1. Gold has rallied towards $1,250.00 in early trade today. Another high around $1,267.00/70.00 could be expected in 1-2 trade sessions before a meaningful correction takes place. The best level to go long would be around $1,206.00-$1,210.00.
2. Immediate resistance is at $1,267.00/70.00, while support is at $1,220.00, followed by $1,210.00, $1,182.00, and lower.
3. Structure reveals that a push higher towards $1,267.00/70.00 is possible now. A meaningful retracement towards $1,210.00 levels would be ideal to go long.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold has rallied towards $1,250.00 in early trade today. Another high around $1,267.00/70.00 could be expected in 1-2 trade sessions before a meaningful correction takes place. The best level to go long would be around $1,206.00-$1,210.00.
2. Immediate resistance is at $1,267.00/70.00, while support is at $1,220.00, followed by $1,210.00, $1,182.00, and lower.
3. Structure reveals that a push higher towards $1,267.00/70.00 is possible now. A meaningful retracement towards $1,210.00 levels would be ideal to go long.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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