Technical outlook and chart setups:
1. Gold has taken out yet another resistance at $1,361.00/62.00 today taking out stops at $1,359.50. Please note that a major resistance has been hit and it call for a meaningful retracement from here. Smaller timeframes are suggesting that an intermediary top has been formed at $1,362.00/63.00 today. Aggressive trade setup is to go short at $1,359.00/60.00, risk is at $1,368.50.
2. Immediate resistance is now at $1,375.00, while supports are spread through $1,327.00/30.00 followed by $1,320.00, $1,280.00, $1,230.00/40.00 and lower respectively.
3. The structure reveals that a major trend reversal is setting up on the higher side in the form of an inverse head and shoulder. The right shoulder is expected to form around $1,250.00/60 region.
Trading recommendations:
1. Aggressive trade setup is to sell at $1,359.00/60, stop is at $1,368.50, target is at $1,250.00
2. Conservative trade strategy is to remain flat. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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