Technical Outlook and Chart Setups:
The structure cannot get better than this. The yellow metal has dipped down to its support region near 1,720 and bounced back. The prices remain well supported above the 1,700/1,705 region, while resistance remains at 1,750/60, 1,770/80, and 1,795 respectively. Please note that 1,705.00 (probable right shoulder) remains key support for the rally to continue further. It is recommended to go long again, around current price action (1,721/22); please watch out for bullish signals appearing on smaller timeframes (15min/1hr) to build further long positions. Looking higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier (1,685.00), buy further on dips, stop at 1,680, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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