Technical outlook and chart setups:
1. Gold seems to have formed an intermediary base at $1,277.00 levels for now. It is also the fibonacci 50% retracement of the recent rally as seen here. Bulls should remain inclined to stage at least a counter trend rally from current price, extending to $1,350.00 levels. It is recommended to remain long for now, risk remains at $1,270.00.
2. Support is at $1,230.00/40, followed by $1,210.00 and lower while resistance is at $1,350.00, followed by $1,388.00 respectively.
3. The structure indicates that bulls should remain in control and $1,277.00 should hold for now. Even if Gold has to continue its long term down trend, it should possibly stage a rally towards the back side of the trend line at $1,350.00.
Trading recommendations:
Remain long, set stop at $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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