Technical outlook and chart setups:
Overall structure remains constructive for bulls and buying on dips is recommended. Immediate resistance is seen at 1,420/25 levels now, and a push ahead of it could target 1,450/60, followed by 1,488.00 and 1,520.00 resistances respectively. Looking into the lower time frames (shown in a cone structure here), the metal is trading sideways and has just bounced off the support line at 1,390.00 level a few hours back. A bullish break above 1,415.00 is again required to ascertain that Gold is set to print higher highs around 1,500.00 level. Remain long for now, and immediate support is at 1,370.00, followed by 1,340/50, 1,324.00 and lower.
Trading recommendations:
Remain long, stop is below 1,370.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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