Technical outlook and chart setups:
1. Gold is in its 4th straight session trading within the $1,277.00/85.00 region. Indecisive candles are being produced at the moment leaving room for either directional trades. Looking into the overall setup, bulls are favored to remain in control till prices stay above $1,277.00 levels for now.
2. Support is at $1,230.00/40.00 levels, followed by $1,210.00 and lower, while resistance is at $1,330.00 and $1,388.00 respectively for now.
3. The structure indicates that Gold could resume rally any moment but prices should remain above $1,277.00. A break below, would delay matters further.
Trading recommendations:
Stay long, stop is at $1,277.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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