empty
 
 
11.01.2013 11:09 AM
Gold Remains Strongly Bullish. Buying On Dips Remains Recommended Strategy

This image is no longer relevant

Technical Outlook and Chart Setups:

The yellow metal rose through the 1,675.00 level sharply yesterday, and it was very much expected as well. The prices are expected to pull back towards 1,660/65 levels before rallying further. Resistance is at 1,700.00 level, followed by 1,720.00, and 1,753.00, while 1,626.00 should provide strong support from here on. In order to remind, the prices have bounced back (1,626.00) from a multiple convergence of 0.618 Fibonacci retracement of upswing (1,530-1,795), 1.271 extensions of downswing (1,795-1672), past resistance turned support and trendline support. Hence, till the time prices stay above 1,626.00, the yellow metal has headed north.

Trading Recommendations:

Hold on to long positions, buy during intraday dips near 1,660/65 region, stop is at 1,600/10, and target remains open.

Good Luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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