Gold seems to have resumed its long term uptrend after bouncing off from $1,170.00 levels early this month. The metal has raised through the $1,300.00 mark since then and is also looking to push through $1,330.00/40.00 levels. Immediate resistance is seen at $1,320.00/25.00 levels, followed by $1,340.00 and higher while support is seen at $1,280.00 levels, followed by $1,250.00 and lower respectively. A break above $1,340.00 would prove to be extremely bullish and also unfold an inverted head and shoulder reversal structure on the daily chart view. The metal remains buy on dips for now, immediate upside could be $1,330.00/40.00 mark.
Trading recommendations:
Look to buy dips.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold seems to have resumed its long term uptrend after bouncing off from $1,170.00 levels early this month. The metal has raised through the $1,300.00 mark since then and is also looking to push through $1,330.00/40.00 levels. Immediate resistance is seen at $1,320.00/25.00 levels, followed by $1,340.00 and higher while support is seen at $1,280.00 levels, followed by $1,250.00 and lower respectively. A break above $1,340.00 would prove to be extremely bullish and also unfold an inverted head and shoulder reversal structure on the daily chart view. The metal remains buy on dips for now, immediate upside could be $1,330.00/40.00 mark.
Trading recommendations:
Look to buy dips.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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