Technical outlook and chart setups:
1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside.
Trading recommendations:
Remain long, stop just below $1,280.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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