Technical outlook and chart setups:
Gold remains virtually unchanged from what was discussed yesterday. The metal still remains in a tight trading range that could see a break out pretty soon. Support of the range is around $1,200.00/05.00 levels while resistance is seen at $1,230.00/40.00 for now. An engulfing bullish candlestick signal was seen on Wednesday on the daily chart, as it is shown here. But a follow through is still required to be seen, that could break the trading range on the higher side. The metal is trading around $1,212.00/13.00 at the moment and it is recommended to trade on a breakout.
Trading recommendations:
Remain flat for now. Looking for a bullish breakout to get in.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
