Technical Outlook and chart setups:
Gold looks to have formed
intermediary bottom at $1,314.00 level a few hours back and is seen to be
trading at $1,318.00 level at this moment. Please note that the yellow metal
still looks to be constructive for bulls to regain control, till prices stay
above $1,310.00 level, which is a low wave within the triangle structure
as depicted here. The wave structure continues to indicate that the metal seems
to have terminated its triangle consolidations at $1,314.00 level and should
be looking to push higher. It is hence recommended to remain long, with risk
below $1,310.00 levels. Immediate resistance is seen at $1,345.00 levels, while
support is seen at $1,310.00 level. Please
note that the metal looks to be into its last leg (wave 5) rally and it is
expected to reverse lower from close to $1,380.00/90.00 levels going forward.
Trading recommendations:
Remain long, stop is below
$1,310.00, targets are at $1,345.00 and $1,390.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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