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Gold Targetting Aleast 1740 Levels

2012-10-09 13:29:25 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As shown in the above chart, prices have fallen back into the channel after posting highs at 1795.00 level last week. Looking into the overall structure from 1795.00 level, the yellow metal should be heading lower from here. 1740/50 levels remain our first soft targets, and below that is 1720. Resistance at the moment is at 1795 level. Furthermore, if we look into the entire rally from 1560 level, there is enough room left for correction towards at least 1650 level before resumption of the next bull run. But first things first, we need to see a breakdown of 1740/50 levels. Bearish for now.

Trade Recommendations:

Stay short for now, stop at 1800/01, target 1740, then 1720 and 1650.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com