Technical outlook and chart setups:
1. Gold has retraced towards the $1,293.00/94.00 levels as discussed earlier. As seen here, the intermediate support line and past resistance turned support is around the same region. It is recommended to initiate long positions now, risk remains below $1,280.00.
2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.
3. The structure indicates that Gold retracement/pullback could be finished here and the metal could turn higher again.
Trading recommendations:
Initiate long positions here, stop below $1,280.00, target open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
