Technical Outlook and Chart Setups:
Gold holds support region around the 1,700.00 range. It is also reinforced by the past resistance turned support area as seen on the charts (dotted price line). Furthermore, the 1,690.00 region is also strong support and our stops are just below that region at 1,680.00. Short-term charts (15min-1hour) are showing signs of a reversal; currently prices are around 1,711-1,712 region and a push through 1,725-30 levels today will confirm a bullish reversal. Immediate resistance is at 1,730.00 level now. Long for now.
Trading Recommendations:
Stay long for now. Stop at 1680.00. Target open (new highs).
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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