Technical outlook and chart setups:
1. Gold has broken down the trading range below $1,270.00/80.00 levels as seen here. The metal is trading at $1,260.00 levels for now which is also the fibonacci 0.618 support of the rally between $1,180.00/82.00 and $1,388.00. A bullish bounce could remain possible at current levels. Recommendations are to remain flat for now. Watch for a reaction at current levels.
2. Support is seen at $1,240.00/30.00 levels, followed by $1,210.00 and lower while resistance is seen at $1,300.00/10.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold could produce a bullish bounce at current levels around $1,260.00. A break here and subsequently $1,230.00/40.00 could be extremely bearish for the metal though.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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