Technical outlook and chart setups:
1. Gold has probably resumed its pullback/retracement towards $1,290.00/80.00 levels yesterday. It looks like the metal has formed an intermediary top around $1,330.00 mark and next move is lower. Recommendations are to remain short for now, while risk remains above $1,340.00 to be on the safer side.
2. Support is seen at $1,280.00 (fibonacci), followed by $1,260.00, $1,240.00, $1,230, $1,210.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher up respectively.
3. The structure indicates that Gold retracement is on for now, targeting $1,280.00 levels at least.
Trading recommendations:
In the short and medium term, go short, stop at $1,340.00, target is at $1,280.00/90.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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