Technical outlook:
A 4H chart has been presented here to give a medium-term trend outlook for Gold. The metal is seen to be trading between $1,212/13 levels for now and should find support anywhere near this price. Please note that Gold is trading very close to fibonacci 50% of recent rally and a bullish reversal here should be quite encouraging to open long positions. On the other side, a drop lower towards $1,204 levels also cannot be ruled out as it is the fibonacci 0.618 support. In either case we would consider long positions to be held from yesterday or initiate fresh ones around the current price action after a bullish candlestick pattern confirms it. Major price support is seen at $1,182.50 levels. Until prices stay above that, the outlook remains bullish.
Trading plan:
Remain long for now, stop below $1204, target $1260
Good luck!
The material has been provided by InstaForex Company -
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