To open long positions on Gold you need:
At the moment, the task of the bulls is to break the resistance at 1.495, above which we can expect continued growth towards 1.519, where I recommend taking profits. There are no high impact events today and the market would need fresh new money in order to get out of the defined symmetrical triangle. You can also try to buy first pullback if you see the breakout of the resistance.
To open short positions on Gold you need:
You will need the breakout of the support at the price of 1.480. The first goal will be test of 1.462, where I recommend profit taking.
There is big chance that investors on Gold are waiting for FOMC meeting minutes before any new direction.
Signals of indicators:
MACD – Momentum is very low and it is confirming sideways market activity, which usually proceeds before the breakout
Bollinger bands In case the Gold declines, support will be provided by the lower boundary of the indicator around 1.482.
The upper boundary of the indicator in the area of 1.495 will act as resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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