As expected gold is trading towards our minimum target at $1.360.00. This is an important long-term resistance area and the bulls are sure to find resistance there and that is why the level of $1.360.00 looks good for profit taking.
Rising white line – running support
Blue line – key long-term resistance
Gold is making higher highs and higher lows in the daily time – frame. Price has bounced from the running upward trendline (support). Resistance is important around $1.360. Key short-term support is set at $1.324.00.
Trading recommendation: We are still bullish on Gold from $1.328.00 but we moved our stop loss on breakeven. Profit target is set at the price of $1.360.00.
The material has been provided by InstaForex Company – www.instaforex.com
As expected gold is trading towards our minimum target at $1.360.00. This is an important long-term resistance area and the bulls are sure to find resistance there and that is why the level of $1.360.00 looks good for profit taking.
Rising white line – running support
Blue line – key long-term resistance
Gold is making higher highs and higher lows in the daily time – frame. Price has bounced from the running upward trendline (support). Resistance is important around $1.360. Key short-term support is set at $1.324.00.
Trading recommendation: We are still bullish on Gold from $1.328.00 but we moved our stop loss on breakeven. Profit target is set at the price of $1.360.00.
The material has been provided by InstaForex Company – www.instaforex.com
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