Technical outlook and chart setups:
1. Gold has backed off again from $1,352.00 levels ahead of $1,361.00. It is quite possible that a top has been formed and the move will be lower from here. It is therefore recommended to remain short, risk remains at $1,359.50.
2. Immediate resistance is at $1,361.00 followed by $1,375.00 and higher up, while supports are spread through $1,320.00 followed by $1,270.00/80.00, $1,220.00/30.00 and lower, respectively.
3. The structure indicates that a lower top has been formed at $1,355.00 level and the next big move will be lower from here. A break below $1,320.00 is required to confirm further possibilities lower. Please note that the resistance turned support line is passing through $1,210.00 region now.
Trading recommendations:
Remain short now, stop at $1,359.00, target open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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