Technical outlook and chart setups:
Gold was pushed through the levels of $1,157.00 today before pulling back. Please note that the yellow metal might correct itself towards $1,125.00/30.00 now before rallying further up. It is hence recommended to book partial profits and look for an opportunity to add further on corrections. Immediate support is seen at the level of $1,136.00 levels (Fibonacci 0.382) followed by $1,125.00, $1,100.00, and lower, while resistance is seen at $1,170.00 and higher. The metal remains in control of bulls until prices stay above a lows of $1,105.00, reached on October 02.
Trading recommendations:
Book partial profits and look to add further at lower levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for October 09, 2015 . Thanks for your support.
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