Technical outlook and chart setups:
1. Gold might have formed an intermediary top at the $1,324.00/25.00 levels last week. The next probable move could be lower from here on, potentially towards $1,280.00/90.00. A push through $1,325.00 should see $1,332.00/34.00 tested before pullback.
2. Support is at $1,290.00/80.00 (fibonacci), followed by $1,260.00, $1,240.00/30.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher up respectively.
3. The structure indicates that Gold is falling in a corrective manner and should resume the upward trend.
Trading recommendations:
Remain flat for now. Look to go long lower around $1,280.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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