Technical outlook and chart setups:
The metal has been testing out patience levels recently. As depicted here, we are focusing on the recent swings from 1,324 to 1,488 and 1,340 to 1,420. This structure depicts a cone consolidation and with in the structure, Gold is at a possible Fibonacci convergence at 1,368/70 levels, as depicted. A bullish bounce here, would trigger a rally which could break past 1,425.00 resistance level. For now, the line of support is pointing towards 1,350.00, while line of resistance is at 1,410.00 level respectively. Hence it is recommended to remain long in the metal till prices remain above 1,350.00. One 1,410.00 level is cleared further aggressive buying could be made in the counter. On the flip side a break of 1,350.00 would prove to be critical for bulls.
Trading recommendations:
Remain long for now, move stop to 1,345.50, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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