Technical outlook and chart setups:
1. Gold rallies last week as expected and discussed from sub $1,280.00 levels. This rally should continue till $1,330.00 levels at least for now. Subsequent dips could be bought. Recommendations for now is to remain flat or Hold on to aggressive long positions held earlier.
2. Support is at $1,270.00 for now, followed by $1,230.00/40, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold rally may continue till $1,330.00 levels and possibly $1,350.00/60.00 from here on. The bullish morning star candle needs to be respected.
Trading recommendations:
Remain flat for now OR hold on to aggressive long positions, stop is at break even, target is at $1,330.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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