Technical outlook and chart setups:
Gold continues to consolidatie within the triangle structure of dropping resistance and constant support for
now. The metal is trading lower for the day at $1,283.50 levels at this moment,
looking to test its support area at $1,275.00 levels again. The wave structure
indicates that higher probability remains for a break below $1,275.00 levels
and push through the $1,245.00 level at least before turning bullish again. Please note
that a break below $1,245.00 levels will confirm that the metal is heading
lower towards $1,200.00 and subsequently towards $1,140.00/50.00 levels. It is
hence recommended to remain short for now, with risk above $1,315.00 levels.
Immediate resistance is seen at $1,315.00 levels, while support lies at
$1,275.00 levels. Bears are expected to remain in control in the short term.
Trading recommendations:
Remain short now; place stop at
$1,320.00 levels, targeting the $1,245.00 level at least.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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