1. Gold rallies to test recent highs at $1,345.00 levels. A push through it, will take prices towards $1,355.00/60.00. For now, it is recommended to remain short, risk remains at $1,349.50.
2. Immediate major resistance is at $1,360.00, followed by $1,370.00/80.00, while supports are spread through $1,307.00, followed by $1,280.00/70, $1,230.00/20.00 and lower respectively.
3. The structure reveals that a failure to push through recent highs would bring down Gold prices to at least $1,280.00. It is further possible to test the back side of the resistance line, which is support now at $1,210.00/20.00.
Trading recommendations:
Remain short, stop is at $1,349.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold rallies to test recent highs at $1,345.00 levels. A push through it, will take prices towards $1,355.00/60.00. For now, it is recommended to remain short, risk remains at $1,349.50.
2. Immediate major resistance is at $1,360.00, followed by $1,370.00/80.00, while supports are spread through $1,307.00, followed by $1,280.00/70, $1,230.00/20.00 and lower respectively.
3. The structure reveals that a failure to push through recent highs would bring down Gold prices to at least $1,280.00. It is further possible to test the back side of the resistance line, which is support now at $1,210.00/20.00.
Trading recommendations:
Remain short, stop is at $1,349.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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