Technical outlook and chart setups:
1. Gold has dropped to the $1,271.00 levels before pulling back again into $1,282.00 as seen here. The metal is still forming a base to stage a rally higher in the coming sessions. $1,271.00 looks like potential bottom formation. Recommendations are to remain long, risk being at the $1,270.00 levels.
2. Support is at $1,260.00, followed by $1,240.00 and lower, while resistance is at $1,322.00, followed by $1,340.00 and higher respectively.
3. The structure indicates that Gold still remains constructive for an extended rally towards $1,350.00 and higher.
Trading recommendations:
Remain long, stop at $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
