Technical outlook and chart setups:
1. Gold remains unchanged from yesterday at $1,253.00/54.00 levels at the moment. A push through is expected towards $1,267.00/70.00, before a meaningful pullback occurs. It is recommended to remain flat for now and initiate short positions higher.
2. Immediate resistance is at $1,267.00/68.00, while support is spread through $1,240.00, followed by $1,220.00/10.00, $1,882.00 and lower respectively.
3. The structure reveals that bulls would wish to challenge the $1,267.00/70.00 levels before retracement/pullback occurs.
Trading recommendations:
Remain flat for now. Look to sell in the $1,267.00/70.00 region.
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 Technical analysis of Gold for January 21, 2014. . Thanks for your support on Technical analysis of Gold for January 21, 2014.
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