Technical outlook and chart setups:
1. Gold prepares to stage a counter trend rally as shown here towards $1,350.00/60.00 in the sessions to come. This rally could be potentially used to get short positions initiated. It is recommended to remain long from yesterday, risk is below $1,305.00.
2. Immediate resistance is between $1,340.00 and $1,360.00 in a broader fibonacci range, followed by $1,388.00, while support is at $1,230/40, followed by $1,180.00 respectively.
3. The structure indicated that Gold should continue drifting lower for now. Minimum level of expectations are $1,250.00/60.00 levels.
Trading recommendations:
Remain long in the short term, stop is at $1,305.00, target is at $1,355.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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