1. Gold is continuing its slide down for now and first support is now seen at $1,300.00 levels, which is the fibonacci 0.382 support as seen here. It is still recommended to remain flat and look to sell on a pullback towards $1,370.00 atleast.
2. Immediate resistance is at $1,388.00/95.00, followed by $1,410.00, while supports are spread through $1,320.00/$1,300.00, followed by $1,285.00, $1,245/50 and lower respectively.
3. The structure reveals that the metal is carving out a right shoulder for a potential inverse head and shoulder reversal. Minimum level of interest is $1,250.00/40.00.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Gold is continuing its slide down for now and first support is now seen at $1,300.00 levels, which is the fibonacci 0.382 support as seen here. It is still recommended to remain flat and look to sell on a pullback towards $1,370.00 atleast.
2. Immediate resistance is at $1,388.00/95.00, followed by $1,410.00, while supports are spread through $1,320.00/$1,300.00, followed by $1,285.00, $1,245/50 and lower respectively.
3. The structure reveals that the metal is carving out a right shoulder for a potential inverse head and shoulder reversal. Minimum level of interest is $1,250.00/40.00.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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