Technical Outlook and Chart Setups:
Yesterday the yellow metal dipped towards 1,705 level (our expected support band is in the range 1,700 to 1,715) and it pulled back sharply before the end of the day. Believe it or not, this is the dip that was technically required for the metal to complete a 3 wave retracement. Furthermore, as depicted above, the metal bounced back just shy of the sloping resistance line (inner one). This could be the much awaited reversal signal required for the next leg up towards 1,780.00 level as depicted above. Intermediary supports are at 1,700 and 1,680 levels respectively, while resistance begins from 1,750/60 levels. Higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier. Still buying on intraday dips is favourable. Stop at 1,680. Target open. Please note to book partial profits at resistance levels.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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