Gold targeting 1,290-1,300 as bottom. Resistance remains at 1,500.00 Trend News

Technical outlook and chart setups:

The weekly chart presented here depicts a possibility of another low below 1,320.00. The Fibonacci extensions of the downswing from 1,900 level to 1,550 are pointing towards an extension of 1,290.00 and 1,300.00. Hence it is recommended to remain short for now with risk at 1,500.00 level. As seen here, the 1,500.00 level is past support turned resistance level on weekly view. A push above 1,520/50 levels will be required to conclude that gold has reversed for good. Till then, traders should remain short on rallies targeting 1,290.00 Intermediary support is at 1,380 now, the 0.618 Fibonacci support of the recent rally.

Trading recommendations:

Remain short, stop is at 1,500.00, and target is open.

Good luck!

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



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