Technical outlook and chart setups:
1. Gold is pushing higher into the $1,310.00/20.00 region at the moment. The metal is expected to rally up to $1,350.00 levels, which is also the convergence of trend line support turned resistance and fibonacci 0.618 retracement of the recent down swing as seen here. It is recommended to remain long for now, risk remains at $1,275.00/77.00.
2. Intermediary support is seen at $1,277.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,350.00, followed by $1,388.00 and higher up respectively.
3. The structure indicated that Gold rally is poised to reach at least till $1,350.00 in the near term. Bulls should remain in control till prices are above $1,277.00.
Trading recommendations:
Remain long for now, set stop at $1,277.00, target is open (at least $1,350.00).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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