Technical outlook and chart setups:
1. Gold reverses just shy of $1,324.00/25.00 levels as seen here. The metal is pulling back at the moment and $1,316.00 is seen as short-term resistance for now. Look to go long again or add further positions at lower levels again.
2. Support is seen at $1,296.00 (fibonacci), followed by $1,280.00, $1,260.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher up respectively.
3. The structure indicates that Gold is retracing at the moment. Levels of interest to initiate long position is $1,295.00 levels.
Trading recommendations:
Remain long or add dd further at $1,295.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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