empty
 
 
09.05.2013 01:40 PM
Gold remains locked between 1570/80 and 1530/40.

This image is no longer relevant

Technical outlook and chart settings:

The yellow metal is clearly in a sideways trading range as shown in the chart view here. It is within the 1570/80 resistance zone and 1530/40 support zone as blue lines show on the chart. A move lower is favoured, though making a strong statement in a sideways market is not recommended. Short positions that were taken earlier, can be held with a stop around 1590.00 levels. It is recommended not to initiate fresh positions on either side as of now. Rather, trading the sideways range would be the best strategy. Sell resistance at 1570/80 levels, and buy support at 1540.00 levels. Furthermore, buy on a bullish break and sell on a bearish break.

Trade recommendations:

Hold short positions for now, stop at 1590.92, 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