Gold produced a complex correction and is trading around the level of $1,092.00 below its Fibonacci support of 0.786 (of the rally between $1,077.00 and $1,192.00 respectively). One can expect at least a short term corrective rally if no extension above $1,190.00 is observed until prices stay above $1,077.00. On the other hand, a drop from $1,190.00 could be a deep correction and a bullish reversal here could push prices towards $1,230.00 and higher. It is hence recommended to go/remain long here with risk below the level of $1,077.00. Immediate support is found at $1,077.00.
Trading recommendations:
Remain long and look for an opportunity to add further, stop is at $1,075.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold produced a complex correction and is trading around the level of $1,092.00 below its Fibonacci support of 0.786 (of the rally between $1,077.00 and $1,192.00 respectively). One can expect at least a short term corrective rally if no extension above $1,190.00 is observed until prices stay above $1,077.00. On the other hand, a drop from $1,190.00 could be a deep correction and a bullish reversal here could push prices towards $1,230.00 and higher. It is hence recommended to go/remain long here with risk below the level of $1,077.00. Immediate support is found at $1,077.00.
Trading recommendations:
Remain long and look for an opportunity to add further, stop is at $1,075.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: