empty
 
 
17.05.2013 03:44 PM
Gold: Resistance is at 1,440/50. Look lower for now. 1,365.00 in sight

This image is no longer relevant

Technical outlook and chart setups:

The metal is attempting to rally here at the moment after it bounced off 1,369.00 level yesterday. A failure to do so would bring focus again towards 1,365.00 or lower. It is recommended to book full profits on short positions taken earlier and wait for either a bounce back or break down, to re-enter. A bounce here, and a break through 1,450.00 level would see gold inching higher towards 1,500/20 levels again, which is the past support turned major resistance now. On the other hand, a push below 1,365.00 would shift focus towards the recent swing lows at 1,320.00 levels. Bottom line: Remain flat for now.

Trading recommendations:

Book profits on short positions and remain flat for now.

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