empty
 
 
13.05.2016 11:35 AM
Technical analysis of Gold for May 13, 2016

This image is no longer relevant

Technical outlook and chart setups:

Gold is seen to be trading at $1,275.00 levels at this moment, looking for a certain direction for the next move. The metal needs to either break above $1,280.00 levels or below $1,256.00 levels to determine its next move. Please note that the metal had bounced off the Fibonacci 0.618 support of the rally between $1,237.00 and $1,303.00 levels. But since then it has been confined between a range and needs to break out. A push above $1,280.00 levels could indicate that the metal is heading north towards $1,303.00/05.00 levels while a break below $1,237.00 levels would indicate that the metal is heading south towards $1,200.00 levels. It is recommended to remain flat and watch for a breakout from here on.

Trading recommendations:

Remain flat for now and look to sell at higher levels.

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