Technical outlook and chart setups:
1. Gold is seen to be bouncing off right from the trend line support from around $1,320.00 levels. Yesterdays candle was a doji, followed by a bullish candle today (not yet complete). Since the uptrend line is being followed, prices may bounce off to fresh highs or atleast $1,370.00 from current levels. An aggressive trade setup would be to initiate 50% long positions, risk remains at $1,315.00. A conservative approach would be to remain flat for now.
2. Immediate resistance is seen at $1,395.00, followed by $1,410.00, while supports are spread through $1,320.00 (intermediary), followed by $1,310.00, $1,280.00, $1,250/60 and lower respectively.
3. The structure reveals that bulls may push prices atleast towards $1,370.00/80.00 levels, if not higher from here on. A break of the rising trend line is required to confirm further downside towards $1,250.00.
Trading recommendations:
1. Aggressive setup is to initiate 50% long positions, stop is at $1,315.00, target is open.
2. Conservative setup 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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