Technical outlook and chart setups:
1.Gold bounced off sharply after printing lows around the $1,292.00/93.00 levels on Friday. The metal is currently retracing and should be ready to rally again towards at least $1,338.00 as an immediate upside target. Recommendations are to remain long for now. Risk remains below $1,280.00.
2. Support is seen at $1,280.00, followed by $1,260, $1,240.00, and lower while resistance is seen at $1325.00, followed by $1,340.00/50, $1,388.00 and higher respectively.
3. The structure indicates that Gold remains buy on dips for now. Look forward for a fresh high towards $1400.00's and up.
Trading recommendations:
Remain long, stop below $1,280.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
