Technical outlook and chart setups:
The yellow metal looks to be preparing for a wave 3 rally into 1,400s again before the next move could be determined. It is recommended to remain long for now with risk below 1,270.00 level. Intermediary resistance is at 1,440.00 level, while support is at 1,270.00 respectively. A straight fall from current levels (1,320/30), breaking down 1,270.00 would prove extremely bearish and turn our trade strategy to selling rallies. At the moment, the possibility of a wave 3 rally (at least), cannot be ruled out. The rally could be extending itself into 1,405/10 levels before the next action could be determined.
Trading recommendations:
Remain long, add further now, stop is below 1,270.00, and target is at 1,400/10.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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