Technical outlook and chart setups:
Gold has raised through the $1,282.00 levels as seen here, and is testing the sloping trend line resistance at the moment. Also the initial Fibonacci extension has been met at the $1,279.00 levels, hence a pullback could be expected. It is recommended to remain flat for now and watch for a reaction at the trend line resistance around the $1,278.00/79.00 levels. On the flip side, a push higher from here could reach the $1,304.00/05.00 levels as depicted here. Immediate support is now seen at the $1,235.00/40.00 levels, followed by $1,210.00, $1,170.00 and lower while resistance is seen at $1,300.00/05, followed by $1,320.00, $1,340.00 and higher respectively.
Trading recommendations:
Remain flat for now and look for buying on dips.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
