empty
 
 
18.09.2013 08:10 AM
Gold falls further below the 1,300 levels. Support is at 1,270 now

This image is no longer relevant

Technical outlook and chart setups:

The metal has dropped below 1,300.00, clearly breaking the support line extending from the 1,180.00 levels earlier. Long positions has been taken earlier with a stop below the 1,270.00 levels. The immediate support level is at 1,270.00, followed by 1,210.00 and 1,180.00; while resistance is at 1,430/40 respectively. Gold is headed to fresh lows, an exit is recommended at the counter trend rally (the back side of the support line); on the other hand, a bullish bounce back from the 1,275/80 levels now, could still cause the revival of bullish trend. Watch out for a reaction around 1,270.00 to take cues of further action; the beginning of a bearish trend cannot be ruled out yet.

Trading recommendations:

Remain long with stop below 1,270.00. If stopped out, start selling on rallies.

Good luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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