Technical outlook and chart setups:
Gold is trading lower for the day
at $1,355.00 level at this moment, and should be looking to reverse lower from
here or from $1,380.00/85.00 levels as depicted on the chart view. Please
note that if the metal slips below $1,358.00 levels from here, it would
be confirm that a meaningful top is in place at $1,375.00 levels. On the other
hand, a rally from here should meet stiff resistance at $1,380.00/81.00 levels.
It is hence recommended to remain short, with risk above $1,385.00 levels for
now. Immediate resistance is seen at $1,380.00 levels, while support is at
$1.350.00 levels respectively. In either case, please watch for a bearish
reversal soon and expect bears to remain in control at least in the medium term.
Trading recommendations:
Remain short, stop above
$1,385.00/86.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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