Gold completes retracement at 1570/75; a buy opportunity on hand (March 1, 2013)
Technical outlook and chart setups:
As seen in the 4H chart, Gold has completed retracement near 1570/75; and it is further providing a clear bullish opportunity at the following confluences:
1. The 0.618 Fibonacci support of recent upswing rally from 1555.00 to 1620.00.
2. Backside of the trendline that acts as support now.
3. Past resistance turned support around 1570/80.
4. The Morning Star Bbullish signal appears in the 1H chart.
Hold on to long positions taken earlier, initiate fresh longs as well, stop at 1540.50, target open. 1660 is reachable now.
The material has been provided by InstaForex Company – www.instaforex.com