Technical outlook and chart setups:
1. Gold is seen to be bouncing off ahead of support at $1,285.00 levels as seen here. The metal is producing a bullish morning star trading signal indicating that the next move could be higher up. The metal needs to break out of the cone consolidation though to confirm the direction of next big move. Recommendation for now is to remain flat.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher up respectively.
3. The structure indicates that Gold is showing signs off a bullish reversal from current levels but still needs to break above cone consolidation to confirm further direction. The $1,330.00 level needs to be taken out subsequently for bulls to continue further.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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