Technical outlook and chart setups:
Gold has pushed through $1,234.00/35.00 levels for now, with $1,240.00 resistance just in sight. Furthermore, the metal has just entered into the buy zone of the sloping down trend line as well. It is expected that Gold could dip into $1,205.00 levels again before rallying further up. Hence recommendations are to book profits from long positions taken earlier, and look to gain buy at lower levels. Immediate support is seen at $1,205.00, followed by $1,183.00 while resistance is at $1,240.00, followed by $1,275.00 and higher up respectively. The fibonacci support at $1,205.00 levels would be of interest to go long again.
Trading recommendations:
Book profits on long positions for now. Look to buy again around $1,205.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
