Gold has been printing fresh lows recently, but the metal may soon produce a counter-trend rally/recovery towards at least the $1,11.00 levels. The metal is seen to be trading around the $1,072.00 levels for now, looking to pull back before resuming the downfall. Immediate resistance is seen at the $1,095.00/96.00 levels, followed by $1,110.00 and higher, while support is seen at the $1,065.00 levels, followed by $1,050.00/30.00 and lower. It is recommended to remain flat for now, and let the counter trend rally materialize.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold has been printing fresh lows recently, but the metal may soon produce a counter-trend rally/recovery towards at least the $1,11.00 levels. The metal is seen to be trading around the $1,072.00 levels for now, looking to pull back before resuming the downfall. Immediate resistance is seen at the $1,095.00/96.00 levels, followed by $1,110.00 and higher, while support is seen at the $1,065.00 levels, followed by $1,050.00/30.00 and lower. It is recommended to remain flat for now, and let the counter trend rally materialize.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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