Technical outlook and chart setups:
1. Gold rally is set to extend towards the $1,305.00 level and higher up. The $1,270.00 level seems to be interim support for the metal to rally further up. Recommendation is to remain long for now, risk remains below the $1,270.00 level.
2. Support is seen at $1,270.00 (interim), followed by the $1,260.00/40.00 levels and lower, while resistance is seen at $1,325.00, followed by $1,340.00, $1,388.00 and higher up respectively.
3. The structure indicates that Gold remains bullish above the $1,270.00/60.00 levels.
Trading recommendations:
Remain long, stop below, the $1,270.00 target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
