Gold crossed 1,425.00. Book profits on long positions.
August 28, 2013 10:15 am
Technical outlook and chart setups:
The metal has exceeded the levels of 1,420/25.00 now. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested earlier). A major resistance in daily chart has been taken out by bulls and hence a pullback should materialize any moment before further rally. Higher resistance is at 1,475/80.00, while support is strong at 1,270.00 followed by 1,208.00 and 1,180.00 respectively. The wave structure suggests retracement at the current levels before rallying further in the weeks to come. It is high probability that the metal could have a reversed trend. Retracement and bullish bounce will confirm it thereafter.
Trading recommendations:
Book profits on opened earlier long positions. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has exceeded the levels of 1,420/25.00 now. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested earlier). A major resistance in daily chart has been taken out by bulls and hence a pullback should materialize any moment before further rally. Higher resistance is at 1,475/80.00, while support is strong at 1,270.00 followed by 1,208.00 and 1,180.00 respectively. The wave structure suggests retracement at the current levels before rallying further in the weeks to come. It is high probability that the metal could have a reversed trend. Retracement and bullish bounce will confirm it thereafter.
Trading recommendations:
Book profits on opened earlier long positions. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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