Technical outlook and chart setups:
The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday's bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.
Trading recommendations:
Watch out for a bullish bounce between 1,350/60 to go long.
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 rallies through 1,400. Resistance seen at 1,450.00 . Thanks for your support on Gold rallies through 1,400. Resistance seen at 1,450.00
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