Technical outlook and chart setups:
Gold has almost hit our first
expected target at $1,295.00 levels yesterday. The metal seems to be coming
close to termination of the counter trend rally now. A top maybe in place at
$1,292.00 already or it is very near to forming a top at $1,304.00 levels. The
metal is trading at $1,289.00 levels for now and should be looking to push
higher towards $1,304.00 levels as a final thrust from here. Please note that
the metal is expected to push through the past support turned resistance zone
around $1,304.00 levels as discussed earlier. The wave structure also indicates
that the counter trend rally that began from $1,241.00 levels is expected to
terminate around $1,304.00 levels, as an alternate though it might have already
terminated at $1,292.00 levels. It is recommended to book profits on all long
positions taken earlier and prepare to go short. Immediate resistance is now seen at
$1,304.00/10.00 levels, while support is at $1,272.00 levels respectively.
Trading recommendations:
Please book profits on all long
positions taken earlier. Prepare to go short around $1,292.00/1,304.00 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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