Gold: Resistance is at 1,440/50. Look lower for now. 1,365.00 in sight Trend News

Technical outlook and chart setups:

The metal is attempting to rally here at the moment after it bounced off 1,369.00 level yesterday. A failure to do so would bring focus again towards 1,365.00 or lower. It is recommended to book full profits on short positions taken earlier and wait for either a bounce back or break down, to re-enter. A bounce here, and a break through 1,450.00 level would see gold inching higher towards 1,500/20 levels again, which is the past support turned major resistance now. On the other hand, a push below 1,365.00 would shift focus towards the recent swing lows at 1,320.00 levels. Bottom line: Remain flat for now.

Trading recommendations:

Book profits on short positions and remain flat for now.

Good luck!

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



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