Technical outlook and chart setups:
1. Gold has again found support around the $1,285.00/90.00 region, but a push above $1,310.00 levels needs to be seen to confirm further upside momentum. At the moment, the metal is seen to be trading in a range between $1,270.00 and $1,305.00/10.00. Recommendations are to remain long, with risk below $1,270.00 for now. Taking fresh positions could be avoided since the trading range persists.
2. Support is at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold has to either break above $1,330.00 or below $1,270.00 to mark the next direction. High probability is due for a bullish reversal though.
Trading recommendations:
Remain long for now, stop below $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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