empty
 
 
01.02.2013 10:19 AM
Gold has retraced to 1,660/65. Rally expected to resume

This image is no longer relevant

Technical outlook and chart setups:

As discussed yesterday, the yellow metal has retraced/pulled back around the 1,660.00 mark. Fresh rally towards 1,740/50 should materialize soon enough. Intermediary support level is at 1,650.00 level, followed by the trend defining level of 1,626.00. Intermediary resistance is at 1,690/95 level, followed by 1,710/15, 1,720/25, 1,740/50, and 1,790/95 respectively. It is recommended to stay long on earlier positions and build fresh positions as well at current price (1,660/61). Looking higher now.

Trading recommendations:

Remain long, stop is at 1,630.00. Target is open. Book partial profits at 1,740/50 levels.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback