empty
 
 
05.10.2012 12:43 PM
Gold Structure Breaking Resistance Level... Exercise Restraint To Buy At Current Levels.

This image is no longer relevant

 

Technical Outlook and Chart Setups:

Prices seem to have broken the resistance channel passing through 1780/80 levels for now. Trading above 1790.00 level at the moment prices are expected to fall back towards at least 1780/85 region which should act as Resistance Turned Support. It is recommended to enter long positions around that region. Strong support shall be provided by 1770.00, but a break there would shift sentiment to bearish for the short time. It is recommended to buy after a healthy retracement materializes as usual; this could be a false breakout before retracement. A confirmed test of 1780/85 levels should instill confidence in buying, rather than entering at current levels.

Trade Recommendations:

Flat for now. Look to buy around 1780/85, stop 1765.00.

 

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 $10000 more!
    In January we raffle $10000 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