Technical outlook and chart setups:
The metal fell below the 1,290.00 levels yesterday on the backdrop of U.S Government shutdown, but the technical support of 1,270.00 remains intact. In 4H chart it is depicted a tweezer bottom formation and that the metal should be poised to rally from current levels. It is still recommended to remain long, till prices are above the 1,270.00 levels. A break there would change our trade strategy to sell on rallies. For now, support is 1,270.00; while resistance is at 1,350.00, followed by 1,375.00, 1,410 and 1,440.00 respectively. A break higher of the sloping downward trendline and subsequently 1,350.00 as depicted here, would be extremely bullish for the counter.
Trading recommendations:
Remain long with stop just below 1,270.00
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 tanks but 1,270.00 still intact. 1,350/52 is hurdle now. . Thanks for your support on Gold tanks but 1,270.00 still intact. 1,350/52 is hurdle now.
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