1. The metal remains unchanged after producing an engulfing bearish candle earlier. Currently trading at $1,337.00/38, Gold is expected to rally through the $1,345.00/50.00 region today before reversing lower. It is recommended to remain short and also look to add further at above levels. Risk remains at $1,359.50/61.00.
2. Immediate resistance is at $1,355.00 (intermediary), followed by $1,361.00 and $1,375.00, while supports are spread through $1,320.00, followed by $1,280.00/85.00, $1,230.00/40.00 and lower respectively.
3. The structure indicated that Gold should be headed lower after an engulfing bearish candle appearance. $1,240.00/50 remains level of interest.
Trading recommendations:
Remain short, stop at $1,362.50, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The metal remains unchanged after producing an engulfing bearish candle earlier. Currently trading at $1,337.00/38, Gold is expected to rally through the $1,345.00/50.00 region today before reversing lower. It is recommended to remain short and also look to add further at above levels. Risk remains at $1,359.50/61.00.
2. Immediate resistance is at $1,355.00 (intermediary), followed by $1,361.00 and $1,375.00, while supports are spread through $1,320.00, followed by $1,280.00/85.00, $1,230.00/40.00 and lower respectively.
3. The structure indicated that Gold should be headed lower after an engulfing bearish candle appearance. $1,240.00/50 remains level of interest.
Trading recommendations:
Remain short, stop at $1,362.50, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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