Technical outlook and chart setups:
1. Gold is unchanged from yesterday, and has produced an indecision candle on the daily chart around $1,290.00 levels. Please also note that $1,290.00 is the fibonacci 0.618 support of the recent rally from $1,277.00 to $1,330.00 levels. Indications from here are that Gold may resume rally towards $1,350.00/60.00 levels from here on.
2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates Gold remains in control of bulls till $1,277.00 levels remain intact. Minimum expectations for the rally is around $1,350.00/60.00.
Trading recommendations:
Remain long, stop is at $1,277.00, a target is at least at $1,350.00/60.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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