Gold continues to rally as expected. It respects the Pitchfork upward channel nicely and it is doing good job towards the median line of the larger channel. Since the key resistance is broken at $1,298.00, we don't see any big resistance around and any signs of a reversal.
R1: $1,305.70
R2: $1,308.60
R3: $1,312.75
Pivot: $1,301.00
S1: $1,298.24
S2: $1,293.00
S3: $1,291.40
Trading recommendation: We are still long Gold from $1,285 and $1,300.00 (added position yesterday). We are moving our stop loss on both positions at $1,300.00, thereby securing profit. Our main target is $1,340.00 (median line).
The material has been provided by InstaForex Company - www.instaforex.com