Technical outlook and chart setups:
As seen here, the yellow metal still remains in the Sell Zone below the sloping down trendline. It should also be noted that the short term trendline has already been broken and prices could possible break the longer trend line as well. Prices have reversed from 1,590.00 level for now which is also re-enforced by past support and hence is resistance now. If prices are inclined to rally further, the current retracement should find support around 1,560.00 level and bounce back. This would be another great buying opportunity provided by Gold. Earlier long positions can still be held and further addition should be planned around 1560.00 level. Resistance is at 1,615/20 level now and prices need to steer clear that level to declare a major trend reversal ahead.
Trading recommendations:
Hold long positions, stop is at 1,521.50, target is open.
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 prints fresh highs around 1,590.00 . Thanks for your support on Gold prints fresh highs around 1,590.00
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