empty
 
 
08.11.2012 11:24 AM
Gold Dips Around 1,705.00 And Bounces. Look Higher Now

This image is no longer relevant

Technical Outlook and Chart Setups:

The prices rose through 1,730.00 level yesterday, taking off resistance. As it was expected, it also dipped down towards 1,705.00 level (our expectations were near 1,700.00) and bounced back. While doing these steps, the dropping trendline resistance was broken and possibly tested as well. The 4 hourly charts suggest a probable Inverse Head and Shoulders pattern. If this pattern holds true, the prices should hold comfortably above 1,670.00 level from here on. Therefore, it is recommended to look for buying opportunities on dips. Look higher.

Trading Recommendations:

Hold on to long positions taken earlier. Buying on dips towards 1,700 is still recommended. Stop at 1,670.00. Target Open.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback