empty
 
 
20.03.2013 02:12 PM
Gold remains unchanged. 1,660.00 in sight

This image is no longer relevant

Technical outlook and chart setups:

Looking into the wave structure depicted on 4H chart view here, at least in the short term, wave structure remains constructive. Resistances are lined up at 1,650/60 levels and 1,680/85 respectively. The entire unfolding wave structure is ABC and a possible D at 1,660.00. The AB has formed between 1,555.00 and 1,620.00; a possible C has formed near 1,560.00 and the yellow metal seems to be on its way towards D at 1,660.00 level. Intermediary support levels are lined up from 1,580.00, 1,560.00 and lower towards 1,555.00. A push above 1,620.00 level now, would re-affirm the above possibility. Bottom line: The metal is strongly bullish above 1,555.00, and it is recommended to hold long positions.

Trading recommendations:

Hold on to long positions, stop is at 1,550.00, and target is open (book partial profits at 1,660.00).

Good Luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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