Technical outlook and chart setups:
1. Gold has completed its counter trend around $1,292.00 levels last week. Furthermore, the metal has formed base around $1,295.00 levels as seen here. High probability remains for an extended rally above $1,350.00 levels from here on.
2. Support is seen at $1,292.00 (interim), followed by $1,280.00, $1,260.00 and lower while resistance is seen at $1,325.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold remains to look higher towards $1,390.00 and above $1,400.00 levels from here on.
Trading recommendations:
Remain long, stop at $1,280.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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