Technical Outlook and Chart Setups:
Gold prices are at the 0.5 of Fibonacci retracement of entire rally sub 1,580 level to 1,800. Furthermore, the 1,645.00 level is immediate strong support for the yellow metal. A 4 hour chart view presented above is suggesting a possible rally through the 1,700/25 region which is also resistance for now. Moreover, a daily view has produced a hammer, indicating a possible reversal. Keeping all these facts in mind, it is recommended to go long again on intraday dips. Look higher again.
Trading Recommendations:
Buy between 1,680-85. Stop at 1,640. Target Open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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