Technical Outlook and Chart Setups:
The yellow metal has carved out fresh higher lows near the 1,719 level. The overall structure remains invariably constructive for bulls and they are now poised to register fresh highs as depicted above. The next levels of resistances to be watched out are 1,750/60, 1,780/85, and 1,795 respectively. Intermediary support is now at 1,719 level, while strong support is to be provided by 1,700/05 levels respectively. It is not seen on the chart, but the bulls are ready to strike 1,850 level before a meaningful pullback. It is recommended to ride this rally and keep adding positions on dips.
Trading Recommendations:
Hold on to long positions taken earlier from 1,685 level, stop at 1,680, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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