Technical outlook and chart setups:
Gold has print yet another low at $1,317.00 levels as expected and discussed earlier. The yellow metal has pulled back higher and is seen to be trading at $1,324.00 levels at the moment, looking to drop one last time before producing a meaningful retracement higher. Please note that the wave structure indicates that the yellow metal is expected to print yet another low below $1,317.00 levels and complete an impulse drop that begun from $1,343.00 levels earlier. It would also confirm that the yellow metal is setting up for a much larger correction lower. It is recommended to take partial profits on short positions now and wait for opportunities to go short again on intraday rallies. Immediate resistance is now seen at $1,340.00/43.00 levels, while support is at $1,308.00 levels respectively.
Trading recommendations:
Please book partial profits on short positions taken earlier. Stop at $1,355.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com