1. Gold is nearing major resistance level at $1,361.00, taking our stops out at $1,349.50 yesterday. It is recommended to remain flat for now. The bulls would possibly want to take $1,361.00 out before retracing lower.
2. Immediate resistance is at $1,361.00, followed by $1,375.00 and higher up, while supports are spread through $1,320.00, followed by $1,307.00, $1,270.00/80, $1,230.00/20 and lower respectively.
3. The structure indicates of a major inverted head and shoulder reversal in the making. Prices are expected to fall within $1,250/60 range after taking out $1,361.00.
Trading recommendations:
Flat for now. Looking to initiate short positions higher.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold is nearing major resistance level at $1,361.00, taking our stops out at $1,349.50 yesterday. It is recommended to remain flat for now. The bulls would possibly want to take $1,361.00 out before retracing lower.
2. Immediate resistance is at $1,361.00, followed by $1,375.00 and higher up, while supports are spread through $1,320.00, followed by $1,307.00, $1,270.00/80, $1,230.00/20 and lower respectively.
3. The structure indicates of a major inverted head and shoulder reversal in the making. Prices are expected to fall within $1,250/60 range after taking out $1,361.00.
Trading recommendations:
Flat for now. Looking to initiate short positions higher.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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