Gold needs clear at least 1,428/30 to get into bullish recovery mode Trend News

Technical outlook and chart setups:

A simple trendline view of Daily chart has been depicted here; it shows that a clear bullish reversal trading signal is still awaited. Yesterday a spinning top candle was observed; it is indicative of a possible reversal in the coming sessions. Resistance levels are spread from 1,520/25 (which is also the past support turned resistance), followed by 1,560/70, 1,610/20, 1,675/80, and higher up; while support lower is 1,310.00 (yesterday’s lows can be considered as intermediary support) and 1,290.00, followed by 1,150.00 as well, on the weekly chart. It is quite possible that the yellow metal may still hit lower and form base towards 1,290.00/1,300.00. Looking into smaller time frames, the metal needs to clear at least 1,428/30 levels (intermediary resistance), to initiate a possible counter trend rally. Please do not rush into buying at the moment.

Trading recommendations:

Flat for now, looking for clear signal to enter buying.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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