Technical outlook and chart setups:
1. Gold continues to take out resistance levels at the moment and is just shy of the $1400.00 mark. A major retracement is still awaited to enter long. It is recommended to remain flat for now and look to buy lower around $1,250.00 levels.
2. Immediate resistance is at $1,395.00, followed by $1,410.00/13.00, while supports are spread through $1,310.00, followed by $1,280.00, $1230.00/40.00 and lower respectively.
3. The structure reveals that Gold needs to retrace lower, before resuming the next bull leg. $1,250.00 remains levels of interest here.
Trading recommendations:
Remain flat for now. Look to buy low.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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