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Gold preparing retrace. Buy on dips, target is at 1,500/10
Technical outlook and chart setups:
Gold has been trading sideways, probably in wave 4, after hitting first measured target at 1,450.00 level last week. It is recommended to hold remaining long positions for now and also plan to buy on dips towards 1,500/10 levels. This region is past support turned resistance and further downswing is expected to continue from there. Also the Fibonacci 0.618 resistance is around 1,504.00 region, making it more favorable to initiate short positions towards 1,290/1,300 levels and lower. Resistance is spread across 1,510/20 region, followed by 1,575/80, 1,610/20, 1,650/60 and higher up; while support is at 1,400.00 (intermediary), followed by 1,320.00, 1,290/1,300, and 1,150.00 according to weekly chart. Looking higher for the short term and then reverse.
Remain long, stop is at 1,350.00, and target is at 1,500.00
The material has been provided by InstaForex Company – www.instaforex.com