Technical outlook and chart setups:
1. Gold has formed lows yesterday around the $1,260.00/61.00 levels and is seen to be preparing for an extended rally here towards the $1,430.00 level. A morning star bullish reversal signal is expected today on the daily chart view. It is recommended to initiate long positions at the current levels, risk remains at $1,260.00.
2. Support is seen at $1,260.00, followed by $1,240.00 and lower while resistance is seen at $1,296.00, followed by $1,325.00, $1,340.00 and higher respectively.
3. The structure indicates that Gold should turn bullish from the current level of $1,272.00/73.00.
Trading recommendations:
Remain long, stop at $1,259.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
