Technical outlook and chart setups:
Gold remains unchanged for now and looks to have formed an intermediary bottom at $1,314.00 level yesterday. It is seen to be trading at $1,323.00 level at this moment after printing highs at $1,325.50 level today. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,310.00 level, which is the wave's low within the triangle structure as depicted here. The wave structure continues to indicate that the metal seems to have terminated its triangle consolidation of waves through $1,314.00 level and should be looking to push higher. It is hence recommended to remain long with risk below $1,310.00 level. Immediate resistance is seen at $1,345.00 level, while support is seen at $1,310.00 level. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.
Trading recommendations:
Remain long, stop is below $1,310.00, targets are at $1,345.00 and $1,390.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com