Gold is close to 1,380/1,400. Shift risk to break even and stay long
August 16, 2013 12:15 pm
Technical outlook and chart setups:
The metal raised beyond 1,348/50 area yesterday. As depicted here, the next upside target is 1,380/1,410, which would be taking off major resistance around 1,370/75. It would be clear to buy on dips after that. For now, immediate resistance is at 1,380/1,400 while support is around 1,348/50 (which is past resistance turned to support), followed by 1,270 and lower. It is recommended to hold long positions and move risk to 1,320.00 or break even levels. Looking into the momentum and wave structure, Gold would be pushed higher to take out resistance before any meaningful retracement could take place.
Trading recommendations:
Hold long positions, move stop at break even level.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal raised beyond 1,348/50 area yesterday. As depicted here, the next upside target is 1,380/1,410, which would be taking off major resistance around 1,370/75. It would be clear to buy on dips after that. For now, immediate resistance is at 1,380/1,400 while support is around 1,348/50 (which is past resistance turned to support), followed by 1,270 and lower. It is recommended to hold long positions and move risk to 1,320.00 or break even levels. Looking into the momentum and wave structure, Gold would be pushed higher to take out resistance before any meaningful retracement could take place.
Trading recommendations:
Hold long positions, move stop at break even level.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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