Gold recovery seems to be underway. 1,450 and 1,520/30 could be seen. 1,320.00 should hold Trend News

Technical outlook and chart setups:

A simple 4H chart view has been depicted here. It seems the yellow metal is gaining strength to recovery towards 1,450 and 1,520/30 levels. After bottoming out at 1,324.00 level, the metal has tested the same and bounced back from 1,338.00 level during the day. It is recommended to buy 50% of capacity now at 1,393.00 and remain 50% around 1,350.00. Immediate supports are at 1,324.00, followed by 1,290.00/1,300.00, and 1,150.00 on the lower side. Resistance is spanned through 1,520/25 (this is past support turned resistance), followed by 1,590.00, 1,620/30, 1,650/60 and higher. After such a huge price action, it is quite normal to remain subdued/sideways in a trading range hence a trading range formation would not be a surprise.

Trading recommendations:

Buy now, stop is at 1,320.00, target 1 is at 1,450, and target 2 is at 1,520.00.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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