Gold retraces for now. Expected support around 1,261/64
July 12, 2013 11:27 am
Technical outlook and chart setups:
After hitting the first measured extension at 1,290/92 levels, the metal is retracing lower as expected and discussed yesterday. As depicted here, support is expected between 1,260/64 levels for the next upside move towards 1,320.00 levels. It is recommended to go long on a bullish bounce around 1,260.00 again, for an upside extension above 1,300. Next major resistance is far at 1,400 levels, while immediate support is at 1,208/10 followed by 1,180.00 respectively. A push higher than 1,320 would confirm that Gold could be headed still higher, according to Elliot Wave Structure. Looking lower for short term and then higher.
Trade recommendations:
Go long again around 1,260/64 with a target of 1,320, stop at 1,235.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
After hitting the first measured extension at 1,290/92 levels, the metal is retracing lower as expected and discussed yesterday. As depicted here, support is expected between 1,260/64 levels for the next upside move towards 1,320.00 levels. It is recommended to go long on a bullish bounce around 1,260.00 again, for an upside extension above 1,300. Next major resistance is far at 1,400 levels, while immediate support is at 1,208/10 followed by 1,180.00 respectively. A push higher than 1,320 would confirm that Gold could be headed still higher, according to Elliot Wave Structure. Looking lower for short term and then higher.
Trade recommendations:
Go long again around 1,260/64 with a target of 1,320, stop at 1,235.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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