Gold is pulling back from $1,080.00 trading around $1,072.00 at the moment. The yellow metal actually needs to breakout above the trend line and take out the level of $1,098.00 to confirm that a counter-trend rally is underway. It is hence recommended to remain flat for now. Immediate support is seen at $1,063.00 (interim) followed by $1,050.00, $1,030.00, and lower, while resistance is seen at $1,098.00 and higher. The overall trend remains bearish until that and it would be too early to get long at the moment.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is pulling back from $1,080.00 trading around $1,072.00 at the moment. The yellow metal actually needs to breakout above the trend line and take out the level of $1,098.00 to confirm that a counter-trend rally is underway. It is hence recommended to remain flat for now. Immediate support is seen at $1,063.00 (interim) followed by $1,050.00, $1,030.00, and lower, while resistance is seen at $1,098.00 and higher. The overall trend remains bearish until that and it would be too early to get long at the moment.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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