Technical outlook and chart setups:
1. Gold rally stalls for now at $1,338.00/39.00 levels. A meaningful retracement lower should be due now or from $1,360.00. It is recommended to remain flat for now and wait for early signals to reverse lower.
2. Resistance is at $1,360.00 for now and a push through $1,340.00 would indicate that bulls want to target it. Support is at $1,307.00, followed by $1,270.00, $1,230.00/40.00 and lower.
3. The structure indicated that Gold might have turned the trend to bullish. A deeper correction should materialize to initiate long positions. Please note that resistance turned support line and now is passing through $1,210.00 level.
Trading recommendations:
Flat for now. Looking to buy lower
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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