Technical outlook and chart setups:
1. Gold has been printing higher highs and higher lows since Dec 31, 2013. The resistance is %1,375.00 has also been taken out before prices eased off to the days' lows. It is expected that prices shall remain subdued within the $1,370.00/72.00 range today, leaving space to initiate a meaningful retracement early next week. It is recommended to remain flat for now.
2. Immediate resistance is at $1,410.00/15.00 levels, while supports are spread through $1,327.00 levels, followed by $1,320.00/10.00, $1,230.00/40.00, and lower respectively.
3. The entire structure reveals that 2 major resistance levels have been taken out this week, and a meaningful retracement should resume towards $1,250.00 levels.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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