Technical outlook and chart settings:
The yellow metal has retraced down to 1,440.00 levels yesterday before pulling back. As seen here, support region is spread through 1,430.00, followed by 1,400.00 and 1,380.00; while resistance level is 1,480/85 (intermediary), followed by 1,500/10 levels (major support turned resistance), 1,580/85 and higher. As discussed yesterday, the Gartley extension is around 1,400.00 levels, hence it is recommended to enter buying Gold around 1,400.00 levels for an upside target of around 1,500/10 levels. Please also note that the uptrend line from recent lows is passing through 1,420.00 region, hence buying there is also favorable.
Trade recommendations:
Buy around 1,400/20 levels, stop at 1,350.00, target open.
Good luck !
The material has been provided by InstaForex Company - www.instaforex.com
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