Gold: Breakout towards 1,425.00 can be expected early next week
June 13, 2013 9:45 am
Technical outlook and chart setups:
In seems the metal has formed base at 1,365.00 level and it is bouncing back higher. The entire sideways cone structure has been depicted here, indicating that a bullish breakout is under way and it should get through around June 17th or so, towards 1,425/30 and higher up. Immediate resistance is at 1,420.00, followed by 1,450/60 and 1,488.00, while lined up immediate support is at 1,465.00 and 1,350.00, followed by 1,324.00 on the lower side. A break past 1,410 would enable breakout of the cone structure at least. It is recommended to hold long positions and buy further on dips as well. Looking higher for now.
Trading recommendations:
Hold on to long positions, stop is at 1,349.50, and target is at 1,500.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
In seems the metal has formed base at 1,365.00 level and it is bouncing back higher. The entire sideways cone structure has been depicted here, indicating that a bullish breakout is under way and it should get through around June 17th or so, towards 1,425/30 and higher up. Immediate resistance is at 1,420.00, followed by 1,450/60 and 1,488.00, while lined up immediate support is at 1,465.00 and 1,350.00, followed by 1,324.00 on the lower side. A break past 1,410 would enable breakout of the cone structure at least. It is recommended to hold long positions and buy further on dips as well. Looking higher for now.
Trading recommendations:
Hold on to long positions, stop is at 1,349.50, and target is at 1,500.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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