empty
 
 
07.12.2012 12:50 PM
Gold Holds 1,685.00. Needs To Break Past 1,720.00 Level

This image is no longer relevant

Technical Outlook and Chart Setups:

Gold has held 1,685.00 level, the 0.786 Fibonacci support of rally from 1,672.00 to 1,754.00. As it was discussed yesterday, it was recommended to hold partial long positions if taken yesterday, since a push through 1,720.00 levels indicated a low in place. Intermediate resistance is at 1,710/20 and 1,755 respectively; while interim support will be at 1,685.00 and 1,672.00. A push below 1,685 indicates further downside towards 1,640/45 levels. If prices manage to reach 1,640/45 levels, then it is suggested to go long again and it will be the best buy.

Trading Recommendations:

Hold if long positions taken yesterday. Buy further if prices reach 1,640/45 region.

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