Technical Outlook and Chart Setups:
Yesterdays' price action indicates that consolidation for Gold might just be over around the 1,718/20 levels. It is recommended to buy intraday dips from here on as prices are looking higher. The support is in the range 1,700 to 1,720 and further buying could be planned if prices reach there. Resistance begins from 1,750/60 levels and spread through 1,795.00 on the higher side. Please note that a remote possibility still remains for a dip and then rally. It is important to plan trade strategy accordingly. Higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier. Buy intraday dips. Stop at 1,680.Target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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