Technical outlook and chart setups:
1. Gold might be ready to resume its counter trend t=rally towards $1,350.00 region that we have been expecting since several days now. Short term charts are pointing towards going long (more risky though) with risk at $1,280.00. A more conservative approach would be to stay aside for now and look to sell higher up. The entire counter trend shall possibly unfold in 3 waves.
2. Immediate resistance is $1,350.00 region (also the back side of trend line), followed by $1,388.00, while supports are seen at $1,280.00, followed by $1,234.00/40.00 and lower respectively.
3. The entire structure indicates that Gold should produce a 3 wave corrective fall/retracement towards $1,250.00/60 before the next bull run resumes.
Trading recommendations:
Short entries are at $1,350.00, stop is at $1,388.00, target is at $1,250.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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