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Technical analysis of Gold for June 15, 2016

Technical outlook and chart setups:

Gold has slipped lower from yesterdays' highs and is seen to be trading at $1,280.00 levels at this moment. The metal seems to have made a meaningful top at $1,290.00 levels and it should be looking to continue forming lower lows and lower highs. The wave structure still looks intact and the recent rally from $1,200.00 levels can be considered as corrective (3 waves). Bears are expected to remain in control till prices stay below $1,303.00 levels broadly. Please also note that the metal produced a pin bar candlestick pattern yesterday on the 4H chart view, indicating a potential reversal. It is hence recommended to remain short, with risk above $1,303.00 levels, targeting lower from here. Immediate support is seen at $1,275.00 levels, while resistance is at $1,303.00 levels respectively.

Trading recommendations:

Remain short, stop is above $1,303.00, target is open.

Good luck!

The material has been provided by InstaForex Company -