empty
 
 
03.05.2013 01:42 PM
Gold trading rangebound again. 1400/20 is support

This image is no longer relevant

Technical outlook and chart settings:

The yellow metal seems to have taken intermediary support at 1440.00 for now. Currently trading at 1475.00, the metal could target 1500.00 on a break above 1480.00. It is recommended to refrain from buying at current levels, and better to wait for a dip towards 1420/00. Resistance is strong at 1500/20 region and traders are encouraged to prepare going short there. The higher up resistance levels are 1580/85 and 1600 on this chart view. Support is around 1400/20 region ( the 0.618 fibonacci level of rally between 1320 and 1480), followed by 1350 and 1320 respectively. Weekly charts indicate 1290/1300 levels and possibly 1150.00 to be support lower. Bottomline: buy on dips towards 1400/30 region.

Trading recommendations:

Buy between 1400/30 region, stop at 1315.00, target open.

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