Gold brake out the immediate trend line resistance and took out $1,096.00 initial resistance yesterday. The yellow metal retraced lower and tested the back side of the resistance turned support line around $1,078.00 as we can see here. A bullish reversal pattern confirms that the metal is set to extend its rally towards $1,110.00/13.00 and $1,137.00. It is recommended to hold long positions with risk at $1,072.00. Immediate support is seen at $1,074.00, while resistance is seen at $1,100.00.
Trading recommendations:
Remain long from yesterday, stop is at $1,072.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold brake out the immediate trend line resistance and took out $1,096.00 initial resistance yesterday. The yellow metal retraced lower and tested the back side of the resistance turned support line around $1,078.00 as we can see here. A bullish reversal pattern confirms that the metal is set to extend its rally towards $1,110.00/13.00 and $1,137.00. It is recommended to hold long positions with risk at $1,072.00. Immediate support is seen at $1,074.00, while resistance is seen at $1,100.00.
Trading recommendations:
Remain long from yesterday, stop is at $1,072.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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