Technical outlook and chart setups:
A daily chart view is presented here highlighting the recent downswing and expected reversal at weekly congestion. Immediate chart resistance is at 1,420.00 level, followed by 1,475/80 and higher levels, while support is at 1,200/1,150 levels (as per weekly charts). At present, prices are consolidating near the weekly congestion of 1,200-1,230 price range. A bullish reversal here on a daily chart or 4H chart view, would instill confidence to go long again. Maximum possible downside is seen at 1,150 level as per weekly Fibonacci levels. Remain flat for now and await a clear buy signal.
Trading recommendations:
Flat for now.
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 hits fresh lows at 1,220.00. Awaiting reversal signal to go long . Thanks for your support on Gold hits fresh lows at 1,220.00. Awaiting reversal signal to go long
No comments:
Post a Comment