Technical outlook and chart setups:
Gold continues its sideways movement for now, and is seen trading at $1,220.00/21.00 levels at the moment. The yellow metal should be looking to rally one last time and hit fresh highs right above $1,358.00 level before turning lower. The wave structure indicates that the metal could be into its 4th wave, within the final 5th wave rally as depicted on daily chart view here. It this count holds true, upside remains limited and the metal should produce a meaningful retracement lower before resuming its up move. On the flip side if the metal finds support around $1,290.00/1,300.00 levels and bounces, it could continue pushing higher. It is hence recommended to remain flat for now until further clarification. Immediate resistance is seen at $1358.00 level, while support is at $1,300.00 level respectively.
Trading recommendations:
Remain flat for now. Look to sell at higher levels on confirmation.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com