Technical outlook and chart setups:
1. Gold finally produces an engulfing bearish reversal candle on the daily chart, remaining shy of $1,395.00 resistance. If this holds, the metal should be falling lower atleast towards $1,310.00. Short positions can be initiated around $1,380.00, risk remains at $1,390.00.
2. Immediate resistance is at $1,395.00, followed by $1,410.00, while supports are spread through $1,320.00/30, followed by $1,310.00, $1,280.00, $1,230.00/40.00 and lower respectively.
3. The entire structure reveals that, a major retracement may have begun with a minimum target of $1,310.00 levels. It is recommended to buy lower towards $1,250.00 levels.
Trading recommendations:
Aggressive trade setup is to sell between $1,380.00/82.00, stop is at $1,390.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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