Gold is expected to move higher towards $1,294.00 (resistance cluster) as long as the support at $1,276.00 is holding. Gold failed to test the Pitchfork median line, which is a sign that selling power is waning. Only a break below support at $1,276.00 will change this bullish trading idea and stop us for our bullish view.
Trading recommendation: We are long Gold from $1,285.00 with a first target at $1,294.00 and protective stop at $1,276.00.
The material has been provided by InstaForex Company - www.instaforex.com