Gold is still seen to be testing the trend line support that extends through the July and October 2015 lows as depicted here on the daily chart setups. In the event of a break below $1,100.00 levels, the July lows at $1,080.00 levels shall be exposed. On the flip side, a bullish reversal here and prices pushing back above the $1,120.00 levels should be extremely encouraging to bulls. It is recommended to remain long for now, with risk around $1,100.00 levels. Immediate support is seen through the $1,100.00 levels, followed by $1,080 and lower, while resistance is seen through $1,140.00 levels, followed by $1,180.00 and higher respectively. Please note, if $1,100.00 holds, bulls are poised to extend rally through $1,250.00 levels in the coming weeks.
Trading recommendations:
Remain long for now, stop below $1,100.00 levels, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is still seen to be testing the trend line support that extends through the July and October 2015 lows as depicted here on the daily chart setups. In the event of a break below $1,100.00 levels, the July lows at $1,080.00 levels shall be exposed. On the flip side, a bullish reversal here and prices pushing back above the $1,120.00 levels should be extremely encouraging to bulls. It is recommended to remain long for now, with risk around $1,100.00 levels. Immediate support is seen through the $1,100.00 levels, followed by $1,080 and lower, while resistance is seen through $1,140.00 levels, followed by $1,180.00 and higher respectively. Please note, if $1,100.00 holds, bulls are poised to extend rally through $1,250.00 levels in the coming weeks.
Trading recommendations:
Remain long for now, stop below $1,100.00 levels, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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