Gold Dips Around 1,705.00 And Bounces. Look Higher Now Trend News

Technical Outlook and Chart Setups:

The prices rose through 1,730.00 level yesterday, taking off resistance. As it was expected, it also dipped down towards 1,705.00 level (our expectations were near 1,700.00) and bounced back. While doing these steps, the dropping trendline resistance was broken and possibly tested as well. The 4 hourly charts suggest a probable Inverse Head and Shoulders pattern. If this pattern holds true, the prices should hold comfortably above 1,670.00 level from here on. Therefore, it is recommended to look for buying opportunities on dips. Look higher.

Trading Recommendations:

Hold on to long positions taken earlier. Buying on dips towards 1,700 is still recommended. Stop at 1,670.00. Target Open.

Good Luck!

The material has been provided by Instaforex Company - instaforex.com



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