Gold Breaks Out Aggressively. Watch Out For Bull Traps...!!

Gold Breaks Out Aggressively. Watch Out For Bull Traps...!! - Technical Outlook and Chart Setups:

Gold is out of consolidation as we had expected a few weeks back. But these are certainly not the levels to go long. A correction, more likely in 3 wave, is the most probable move at the moment.We expect the yellow metal to retrace at least till 1630 level which was resistance earlier. Predicting prices to hit fresh highs above 1930.00 at the moment is not possible. Every rally has to be followed up by a healthy correction, for the trend to continue. We recommend traders to stay away from buying at these levels.

Trading Recommendations:

Go short now at 1736.00, stop at 1750.00, minimum target at 1630.00.

Source: InstaForex