Gold has been trading in the lower range around $1,071.00 since yesterday. Please note that bulls might still want to produce a counter trend rally to at least $1,110.00 before reversing. A drop below $1,1063.00 would nullify the chances of a pullback and the metal should be heading straight down towards $1,030.00. It is hence recommended to remain flat and watch for further evidence before committing trades. Immediate resistance is seen at $1,098.00, while support is seen at $1,063.00.
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 been trading in the lower range around $1,071.00 since yesterday. Please note that bulls might still want to produce a counter trend rally to at least $1,110.00 before reversing. A drop below $1,1063.00 would nullify the chances of a pullback and the metal should be heading straight down towards $1,030.00. It is hence recommended to remain flat and watch for further evidence before committing trades. Immediate resistance is seen at $1,098.00, while support is seen at $1,063.00.
Trading recommendations:
Remain flat now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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