Technical outlook:
Gold 4H chart presented here might be suggesting that t gold has either formed or is close to forming an interim low any time soon. As discussed on Friday, the metal might have already formed a low at $1,313 levels or should be looking to print yet another low around $1,310 levels, before resuming its counter-trend higher. Please note that the price support is also seen at $1,307 levels as seen on the chart view here. Aggressive traders should be preparing to go long around $1,307/10 levels today, if prices drop. Looking into the wave counts, the metal is very close to completing at least its 3rd wave around the above prices. If this holds true, we should see a counter-trend rally towards $1,330 levels before the metal reverses lower again. If $1,307 gives in, the next support in line is at $1,302 levels which could be taken out before producing a meaningful rally.
Trading plan:
Aggressive traders prepare to go long with stop below $1,307 levels. Conservative traders please remain flat for now and look to sell again around $1,330 levels.
Fundamental outlook:
Watch out for the German Consumer Price Index and US PCE Core to be out today between 08:00 AM to 08:30 AM EST.
Good luck!The material has been provided by InstaForex Company - www.instaforex.com
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