Gold continues to rally as expected. It respects the Pitchfork upward channel nicely and it is doing a good job towards the median line ($1.340.00) of the larger channel. According to the daily chart, Gold is making higher highs and higher lows which is a sign that buyers are in total control. There are no signs of a reversal yet and you should only watch for the upside.
R1: $1,312.55
R2: $1,316.60
R3: $1,321.75
Pivot: $1,307.00
S1: $1,303.45
S2: $1,298.00
S3: $1,294.70
Trading recommendation: We are still long Gold from $1,285 and $1,300.00 (added position yesterday). We are moving our stop loss order on both positions at $1,309.00, thereby securing even larger profit comparing to yesterday. Our main target is $1,340.00 (median line).
The material has been provided by InstaForex Company - www.instaforex.com