Gold Hanging Around The Resistance at 1,750.00 Level. Book At least Partial Profits Trend News

Technical Outlook and Chart Setups:

The yellow metal trades sideways after taking out resistance at 1,750.00 level. A final push higher towards the 1,760/65 region is quite possible before a pullback materializes. It is still recommended to take maximum profits from long positions taken earlier. Resistance is now lined up from 1,760/65 through 1,785/90, while support is at 1,720/25, 1,705/00, and 1,670/80 respectively. A pullback towards 1,735/40 levels would be ideal to go long again, if prices manage to reach and produce a bounce.

Trading Recommendations:

Book profits on long positions taken earlier, remain flat for now.

Good Luck!

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



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