Trading Conditions
Products
Tools
Technical outlook and chart setups:
Gold has made yet another low yesterday at the $1,247.00 level before pulling back towards the $1,257.00 region at close. The metal seems to have found support just ahead of $1,240.00 levels for now. A 4H chart view has been depicted here to provide immediate bullish structural view, keeping in mind the daily chart discussed yesterday. As seen here, an engulfing bullish reversal signal has appeared after printing lows, which indicates a potential trend reversal. We would like to see a follow through up to $1,274.00 levels to confirm that bulls are back firmly in control. Immediate support is the $1,240.00 level while resistance is seen through $1,258.00, followed by $1,272.00/74.00 and higher respectively.
Trading recommendations:
Remain long, stop at $1,240.50, target is open.
Good luck!
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.