Technical Outlook and Chart Setups:
As depicted above, prices seems to have resumed wave 3 rally after carving out a higher low at 1,704/05 levels recently. Please also note that above structure is forming and inverse head and shoulder pattern as well. The right shoulder seems to have been carved out at 1,705 level and minimum extension level is at 1,780. Support should be strong at 1,705 level, and any intraday dip should remain well capped above that. Immediate resistance is at 1,750/60 levels, which should be taken off soon. It is recommended to buy on intraday dips. Looking higher from here.
Trading Recommendations:
Hold on long positions taken earlier, stop at 1,690.00 (stop will be revised soon), and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via Gold Rally To Gain Momentum, 1,722/25 Region Will Be Supported For Dips . Thanks for your support on Gold Rally To Gain Momentum, 1,722/25 Region Will Be Supported For Dips
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