Technical outlook and chart setups:
1. Gold is pushing higher as expected towards the $1,330.00 levels for now. Minimum expectations for this rally is $1,350.00 levels as seen here, which is convergence of fibonacci and trend line resistance. The metal remains buy on dips till prices remain above the $1,277.00 levels. Recommendations are to buy on dips, risk remains below $1,277.00 for now.
2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,350.00/60.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold should rally at least towards $1,350.00 comfortably from current levels. Intraday dips could be bought (area of interest is around $1,330.00/05.00 levels).
Trading recommendations:
Flat for now. Buy on intraday/interday dips above $1,277.00
Good luck1
The material has been provided by InstaForex Company - www.instaforex.com
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