Gold remains bearish for now. 1,350 immediate resistance
July 29, 2013 8:19 am
Technical outlook and chart setups:
The metal is under the process of carving out lower lows from here on. 1,350.00 level has been held for now and till the time prices remain below, look lower. It is recommended to stay short below 1,350.00 level and add further positions as well. Next level of resistance is at 1,370/80 and 1,410.00, while support is around 1,270.00 and lower. The overall structure indicates that the next move should be towards the lower side at least till 1,250/70. A bullish bounce from there or not, needs to be seen. Looking lower at least for the short term.
Trading recommendations:
Remain short, stop is at 1,351.50, and target is at 1,250/70.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is under the process of carving out lower lows from here on. 1,350.00 level has been held for now and till the time prices remain below, look lower. It is recommended to stay short below 1,350.00 level and add further positions as well. Next level of resistance is at 1,370/80 and 1,410.00, while support is around 1,270.00 and lower. The overall structure indicates that the next move should be towards the lower side at least till 1,250/70. A bullish bounce from there or not, needs to be seen. Looking lower at least for the short term.
Trading recommendations:
Remain short, stop is at 1,351.50, and target is at 1,250/70.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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