Technical outlook and chart setups:
Gold had hit yet another low yesterday at $1,302.50 level before reversing sharply. According to the 15 minutes chart presented here, the metal has produced an impulse (5 waves) from yesterday’s lows and has also taken out the first resistance at $1,316.00 level as depicted here. It is seen to be trading at $1,313.00 level at this moment, looking to retrace lower and
then resume rally. Please note that the yellow metal still looks to be
constructive for bulls to regain control, till prices stay above
$1,290.00/1,300 levels. The wave structure continues to indicate that the metal
seems to have formed intermediary lows and should be looking to push higher at
least in a corrective zigzag manner towards $1,325.00 level if not higher. It
is hence recommended to remain long, with risk below $1,300.00 levels.
Immediate resistance is seen at $1,325.00 level, while support is seen at $1,300.00
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 below $1,300.00,
targets are at $1,325.00 and $1,390.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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