empty
 
 
01.05.2013 12:17 PM
Gold could fall back towards 1400/20 levels before rallying again

This image is no longer relevant

Technical outlook and chart settings:

As depicted here, it remains quite possible that Gold may retrace down lower towards 1400/20 levels before rallying higher again. Immediate intermediary resistance is 1485.00 levels for now and a Gartley formation is possible, with price falling lower towards 1420/00 levels first and then looking higher. Higher up resistance levels are 1500/20 (marked with past support turned resistance), 1580/85, 1620 and 1650/60; while support is 1400/20, 1320.00 and 1290/1300 on the lower side. It is recommended to buy lower towards 1400/20 for now and expect a rally towards 1500/20 levels. On the other hand, a break through 1485.00 levels would take it directly to 1500/20 levels.

Trade recommendations:

Look to buy Gold between 1400/20 levels for an upside target of 1500/20.

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