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Gold rallies through 1,400. Resistance seen at 1,450.00

Gold rallies through 1,400. Resistance seen at 1,450.00

Technical outlook and chart setups:

The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday’s bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.

Trading recommendations:

Watch out for a bullish bounce between 1,350/60 to go long.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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Gold rallies through 1,400. Resistance seen at 1,450.00

Gold rallies through 1,400. Resistance seen at 1,450.00

Technical outlook and chart setups:

The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday’s bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.

Trading recommendations:

Watch out for a bullish bounce between 1,350/60 to go long.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Read more…

Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now

Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now

Technical outlook and chart setups:

The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.

Trading recommendations

Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

forex

Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now

Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now

Technical outlook and chart setups:

The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.

Trading recommendations

Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

forex

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