Technical outlook and chart setups:
Perhaps, Gold needs to retrace now. As depicted here, the levels of interest are 1,300-1,285. It is recommended to initiate long positions around 1,285.00, which is confluence of the following:
1. Fibonacci 0.618 support, retracement level.
2. Backside of the resistance line, which provides support now.
3. A possible right shoulder of inverted head and shoulder reversal.
Resistance begins from 1,350/75 to the 1,410/1,440 levels and higher; while support is around 1,250.00, followed by 1,210 and 1,180 respectively. Looking to go long upon retracement now.
Trading recommendations:
Look to buy around 1,300-1,285.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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