Technical outlook and chart setups:
1. Gold is pushing higher for now, minimum extension seen is towards $1,345.00/50.00 levels. Recommendations are to still remain long, risk can be moved to $1,277.00. As seen here, the $1,345.00/50.00 zone is fibonacci 0.618 resistance and a reaction could be expected. Furthermore, the trendline resistance is around the same region. Remain long and buy intraday dips till Gold stay above $1,277.00.
2. Intermediary support remains at $1,277.00 for now, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen as $1,345.00/50.00 (fibonacci), followed by $1,388.00/90.00.
3. The structure remains bullish till prices remain above $1,277.00 for now. The metal is poised to rally at least till $1,350.00 levels before reversing.
Trading recommendations:
Remain long, stop is at $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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