Technical outlook and chart setups:
1. Gold is pulling back for now after intraday highs at $1,330.00 levels. As seen here support comes in at $1,300.00/10.00 levels for now. Recommendations are to go long there, for an extended rally towards $1,350.00/60.00 at least.
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, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold should push higher till prices remain above $1,277.00 levels in the short term. Looking to initiate long positions.
Trading recommendations:
Buy around $1,300.00/10.00, stop is below $1,277.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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