Technical outlook and chart setups:
Gold is retracing or just consolidating recent gains. As depicted on chart here, the yellow metal could fall below towards 1,450.00/1,425.00 levels before rallying further up towards the measured extension of 1,500/10 levels. It is recommended to book profits on the metal at current price (1,472.00) and wait for dips to re-enter buying. Another conservative but safe trading strategy would be to wait for a rally towards 1,500/10/20 levels and go short, since the 1,500/20 region is past support turned resistance zone. Higher up resistances are towards 1,580/85 and 1,600.00 on the chart view here, while intermediary support now is 1,320.00 region.
Trading recommendations:
Book profits for now. Look to buy on dips towards 1,450/20 region again or sell towards 1,500/20 region.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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