02.05.201313:40 Forex Analysis & Reviews: Gold support seen at 1,380-1,400 region

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart settings:

The yellow metal has retraced down to 1,440.00 levels yesterday before pulling back. As seen here, support region is spread through 1,430.00, followed by 1,400.00 and 1,380.00; while resistance level is 1,480/85 (intermediary), followed by 1,500/10 levels (major support turned resistance), 1,580/85 and higher. As discussed yesterday, the Gartley extension is around 1,400.00 levels, hence it is recommended to enter buying Gold around 1,400.00 levels for an upside target of around 1,500/10 levels. Please also note that the uptrend line from recent lows is passing through 1,420.00 region, hence buying there is also favorable.

Trade recommendations:

Buy around 1,400/20 levels, stop at 1,350.00, target open.

Good luck !

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.