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Gold Looking Higher, Targetting 1,760/70 Levels Immediately

2012-11-12 13:13:25 (читать в оригинале)

Technical Outlook and Chart Setups:

The yellow metal has been moving as per expectations. At present, the first resistance of 1,730 level has been taken out, as we can see above. Prices are expected to re-trace around 1,700/1,705 levels before thrusting higher. It is recommended to wait for a small correction towards sub 1,700 level, which is expected in a day or two, and then buy. Support is around the 1,700 mark, while next resistance comes around 1,750/60 region. A move higher than 1,738 now will take prices direct towards 1,760 level. Look for a dip and then buy.

Trading Recommendations:

Hold on to long positions taken earlier. Buy further on a dip towards 1,700 levels. Stop at 1,680. Target open. Please keep booking partial profits at every resistance.

Good Luck!

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