Technical outlook and chart setups:
As depicted here in the daily chart, Gold has fallen below the lines of support by now. It is going to face resistance at the 1,350/65 levels, going forward, hence it is recommended to exit long positions if it reverses from 1,350/65 which is support turned resistance at the moment. But the current setup still does not confirm a reversal; a move back up to the buy zone of the trendline shall keep the existing setup intact. Intermediary resistance begins from 1,350/65, followed by 1,410/15 and 1,440; while support begins from 1,270, followed by 1,210 and 1,180.00. A test at the back side of rising trendline and reversal would warrant initiating short positions, for now, stay long.
Trading recommendations:
Remain long, set a stop at 1,270.
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 drops to the 1,320.00 level, breaking the line of support . Thanks for your support on Gold drops to the 1,320.00 level, breaking the line of support
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