Gold has taken stops out yet again hitting a fresh low of $1,063.50 before pulling back. The metal is up again trading above the level of $1,071.00 at the moment. The counter trend rally is due to happen, but we need to see a resistance breakout at $1,096.00 before committing to the long side again. It is recommended to remain flat and await for a further confirmation. Immediate interim support is found at $1,063.00 followed by $1,050.00, $1,030.00, and lower, while resistance is seen at $1,096.00 and higher.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold has taken stops out yet again hitting a fresh low of $1,063.50 before pulling back. The metal is up again trading above the level of $1,071.00 at the moment. The counter trend rally is due to happen, but we need to see a resistance breakout at $1,096.00 before committing to the long side again. It is recommended to remain flat and await for a further confirmation. Immediate interim support is found at $1,063.00 followed by $1,050.00, $1,030.00, and lower, while resistance is seen at $1,096.00 and higher.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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