Technical outlook and chart setups:
The metal has rallied the past resistance at 1,330.00 clearly. It is recommended to exit short positions for now since the rally could extend straight from current levels towards 1,400.00 and higher. Best trade strategy would be to go long on dips from here on. Fibonacci retracement levels are pointing towards the 1,286.00 levels, as optimum long entry level. Also note that the back side of the resistance line is also passing through the same region, which would act as support from here on. Resistance levels are at 1,350.00, followed by 1,370.00, 1,410.00 and higher, while intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00 respectively.
Trading recommendations:
Buy on dips towards 1,285/1,300.
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 rallis into 1,340.00 Resistance region. Await retracement before going long . Thanks for your support on Gold rallis into 1,340.00 Resistance region. Await retracement before going long
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