Technical outlook and chart setups:
1. Gold has dropped towards $1,262.50 levels yesterday, a tad below our expectations. Please note that this is fibonacci 0.786 support level of the rally between $1,24.000 and $1,340.00 as seen here. It is still recommended to plan initiate long positions after watching for a bullish bounce.
2. Support is seen at $1,260.00, followed by $1,240.00 while resistance is seen at $1,296.00, followed by $1,324.00, $1,340.00 and higher.
3. The structure indicates that Gold still remains constructive for bulls, till prices remain above $1,260.00 and $1,240.00 levels.
Trading recommendations:
Flat for now, looking to re-enter long.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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