Technical outlook and chart setups:
1. Gold is trading around $1,278.00 levels for now and should rally from here on. It appears that the metal has formed base at $1,271.00 levels last week and that bulls should take back control. Recommendations are to remain long for now, risk remains below $1,271.00 levels.
2. Support is at $1,270.00 (interim), followed by $1,260.00, $1,240.00 and lower, while resistance is seen at $1,324.00 followed by $1,340.00 and higher respectively.
3. The structure indicates that Gold could possibly resume rally from current levels.
Trading recommendations:
Remain long, stop below $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
