empty
 
 
10.06.2013 03:05 PM
Gold seems to form base at 1,380.00 level

This image is no longer relevant

Technical outlook and chart setups:

The metal seems to be forming base at around 1,378/80, which is Fibonacci 0.618 level for the recent rally from 1,340.00 to 1,425.00. 1,373.00 and 1,355.00 are immediate support levels, while 1,425.00, 1,450/60 are levels of resistance now. A bullish bounce here is expected to take prices to 1,465.00 and 1,500.00 levels in the near term. The recent weekly lows printed by Gold and Silver are diverging, indicating that a bottom formation is near. It is recommended to hold long positions for now with a stop below 1,350.00 for now. Looking higher above 1,350.00.

Trading recommendations:

Hold long positions for now, stop is at 1,349.50, and targets are at 1,465.00 and 1,500.00

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