Technical outlook and chart setups:
1. Gold is approaching the $1,360.00 levels, indicating that bulls are in control for now. A meaningful retracement can be expected after that. It is recommended to remain flat for now and await for a reaction around $1,355.00/60.00.
2.Immediate resistance is at $1,360.00, followed by $1,380.00 and $1,420.00, while supports are spread through $1,307.00, followed by $1,230.00/40.00 and lower respectively.
3. The structure reveals that $1360.00 should be taken out soon, before a meaningful retracement can take place. The trend looks to have turned bullish and buying on dips should be recommended trade strategy. $1,250.00 remain level of interest.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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