Technical outlook and chart setups:
1. Gold is unchanged for now and trading within the tight range between $1,330.00 and $1,350.00 at the moment. A range breakout is imminent and should be powerful, with bias on downside favored. It is recommended to initiate fresh short positions around $1,350.00/51.00, and hold earlier shorts as well. Risk remains at $1,359.50.
2. Immediate resistance is at $1,361.00, followed by $1,375.00, while supports are spread through $1,330.00/20.00, followed by $1,280.00, $1,230.00/40.00 and lower respectively.
3. The structure reveals that sideways resistance is at $1,352.00 at the moment. Prices should remain well capped below this level for now. However, a push through $1,354.00 should challenge higher levels.
Trading recommendations:
Remain short for now, stop is at $1,359.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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