Gold finds resistance at 1,415.00. Exit long positions
May 24, 2013 10:00 am
Technical outlook and chart setups:
The yellow metal rallies through 1,415.00 level, only to fall back without much conviction. It is recommended to book profits on long positions taken earlier. Aggressive trading strategy would be to go short now, 1,390.00, with a stop at 1,420. Immediate resistance is consolidated at 1,415.00, followed by 1,450.00, 1,485/87 and higher up. The wave structure is indicative that rally from recent lows is corrective and one last low below 1,340.00 or probably 1,324.00 remains possible. Intermediary support is at 1,340.00, followed by 1,324.00 for now. Only a break above 1,415.00 level, would change our view from bearish to bullish. Look lower for now.
Trading recommendations:
Book profits on long positions. Initiate short positions, stop is at 1,420.00, and target is below 1,340/24.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The yellow metal rallies through 1,415.00 level, only to fall back without much conviction. It is recommended to book profits on long positions taken earlier. Aggressive trading strategy would be to go short now, 1,390.00, with a stop at 1,420. Immediate resistance is consolidated at 1,415.00, followed by 1,450.00, 1,485/87 and higher up. The wave structure is indicative that rally from recent lows is corrective and one last low below 1,340.00 or probably 1,324.00 remains possible. Intermediary support is at 1,340.00, followed by 1,324.00 for now. Only a break above 1,415.00 level, would change our view from bearish to bullish. Look lower for now.
Trading recommendations:
Book profits on long positions. Initiate short positions, stop is at 1,420.00, and target is below 1,340/24.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: