Technical outlook and chart setups:
1. Gold tested recent lows at $1,292.00/93.00 levels again yesterday. The metal is also seen to be bouncing off its support trend line that passes through $1,280.00/82.00 levels. Recommendations are to remain long for now. Furthermore, the fibonacci 0.618 support also passes through the same region around $1,295.00/96.00 as depicted here.
2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold remains bullish for now, rally is ready to extend.
Trading recommendations:
Remain long, stop below $1,2180.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
