Gold: Resistance is at 1,440/50. Look lower for now. 1,365.00 in sight
May 17, 2013 1:30 pm
Technical outlook and chart setups:
The metal is attempting to rally here at the moment after it bounced off 1,369.00 level yesterday. A failure to do so would bring focus again towards 1,365.00 or lower. It is recommended to book full profits on short positions taken earlier and wait for either a bounce back or break down, to re-enter. A bounce here, and a break through 1,450.00 level would see gold inching higher towards 1,500/20 levels again, which is the past support turned major resistance now. On the other hand, a push below 1,365.00 would shift focus towards the recent swing lows at 1,320.00 levels. Bottom line: Remain flat for now.
Trading recommendations:
Book profits on short positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is attempting to rally here at the moment after it bounced off 1,369.00 level yesterday. A failure to do so would bring focus again towards 1,365.00 or lower. It is recommended to book full profits on short positions taken earlier and wait for either a bounce back or break down, to re-enter. A bounce here, and a break through 1,450.00 level would see gold inching higher towards 1,500/20 levels again, which is the past support turned major resistance now. On the other hand, a push below 1,365.00 would shift focus towards the recent swing lows at 1,320.00 levels. Bottom line: Remain flat for now.
Trading recommendations:
Book profits on short positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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