Technical outlook and chart setups:
The existing wave structure for Gold remains retracement towards 1,550.00-1,552.00 levels and forming next bottom. Only if prices break below 1,520.00 level, there could be a significant shift in trend. As expected, the metal has retraced to Fibonacci 0.618 support today and could bounce off from here. It is still recommended to hold on to long positions taken earlier and plan to add further between 1,550.00 and 1,555.00. Major support remains at 1,525/30 levels; while resistance is at 1,618/20 for now. Prices shall be required to rally past 1,620.00 level to negate a downtrend or a major shift in the coming trading sessions. Bullish for now but the area of 1,520/21 remains key.
Trading recommendations:
Hold on to long positions, stop is at 1,530.00, target is open (long-term). Initial target is at 1,620.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Gold looking to form bottom around current levels 1,550-1,555.00 . Thanks for your support on Gold looking to form bottom around current levels 1,550-1,555.00
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