Technical outlook and chart setups:
1. Gold has remained sideways since last 2 trading sessions as seen here. The metal seems to have formed base around the $1,271.00 level and should be ready to rally higher from here on. It is recommended to remain long for now.
2. Support is seen at $1,270.00 (interim), followed by $1,260.00, $1,240.00, while resistance is seen at $1,324.00, followed by $1,340.00 and higher respectively.
3. The structure indicates that Gold remains in control of bulls untill prices remain above $1,260.00/40.00 levels.
Trading recommendations:
Remain long, stop below $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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