Technical Outlook and Chart Setups:
As depicted above, it looks like the yellow metal has now carved out a higher low at 1,700 level for good. This low is expected to hold now, and it is strongly recommended to keep buying on intraday dips. Prices should be well supported towards the 1,700-1,698 region, while resistance will be met around 1,750.60 region. The resistance levels extends through 1,795.00 region; now it looks that bulls are very much poised and inclined to break through recent highs above 1,800.00. Looking higher.
Trading Recommendations:
Hold on to long positions taken earlier, keep buying on dips, move stops to 1,690.00 level, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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