Technical outlook and chart setups:
The metal is clearly moving as it was expected. Yesterday the backside test produced a pullback lower and it is recommended to hold short positions initiated. Resistance is at 1,339/40 levels followed by 1,350 on the higher side; while support is at 1,270.00, and 1,210.00 levels on the lower side. As depicted here, the convergence is seen around 1,240/50 levels, for the bulls to resume rally. Gold might be in a corrective mode at the moment which could be spanning into 3 waves. Looking lower intermediary till 1,250.00 level then high.
Trading recommendations:
Remain short, stop is at 1,351.50, and target is at 1,250.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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