Technical outlook and chart setups:
Gold had spiked towards $1,275.00 level during New York session before retracing lower. The metal is trading at $1,262.00/63.00 levels at this moment of writing and should be looking to push higher towards $1,280.00/90.00 levels from here. Please note that the metal is just around the vicinity of past resistance turned support. The wave structure also indicates that the counter trend rally is expected to terminate around the past support turned into resistance at $1,304.00/10.00 levels, which is not shown since a shorter time frame is presented here (1 hour). Prices are testing the fibonacci 0.50% support of the recent rally as depicted here and a bullish reversal is expected any moment. It is recommended to remain flat now and look to sell around $1,300.00/10.00 levels again, while aggressive traders should remain long with risk below $1,240.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support is at $1,255.00 levels respectively.
Trading recommendations: Aggressive traders remain long now with stop at $1,240.00 levels, targeting $1,310.00.
Overview
Gold price continues to fluctuate around the EMA50, while stochastic begins to provide positive overlapping signal on the 4H time frame. These factors support our main bullish trend overview which depends on the stability above $1,249.94. Our main target starts at $1,297.74. We remind you that breaching the targeted level will push the gold price towards $1,340.00 followed by $1,375.00 on the near term basis. The expected trading range for today is between $1,249.94 support and $1,285.00 resistance.
ANLYSIS IS BASED ON BRW, DIS AND PRO, VSA, CANDLESTICK CLOSING BASE AND PATTERN FORMATION.
DISCLAIMER>>>> THIS IS MY PERSONAL VIEWS.
Order cancelled:
exit from long position
