1. Gold is seen to be stalling around $1,320.00/30.00 levels for now. The metal is drifting sideways since last 2 trading sessions and is expected to fall lower towards $1,280.00/90.00 levels at least before rallying further up. The fibonacci ratios are hinting towards $1,270.00/80.00 levels as seen here.
2. Support is seen around $1,260.00, followed by $1,240.00, $1,230.00, $1,210.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold needs to correct lower before rallying further.
Trading recommendations:
Remain short, stop above $1,340.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold is seen to be stalling around $1,320.00/30.00 levels for now. The metal is drifting sideways since last 2 trading sessions and is expected to fall lower towards $1,280.00/90.00 levels at least before rallying further up. The fibonacci ratios are hinting towards $1,270.00/80.00 levels as seen here.
2. Support is seen around $1,260.00, followed by $1,240.00, $1,230.00, $1,210.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold needs to correct lower before rallying further.
Trading recommendations:
Remain short, stop above $1,340.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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