Technical Outlook and Chart Setups:
As depicted here, the yellow metal rallied through 1,714.00 level yesterday before reversing at close of the day. Currently it is trading around 1,710.00/1,711.00 region. It looks to be preparing for a short-term downswing. As shown here, intermediary resistance is at 1,730.00, followed by 1,755.00 level respectively. It is recommended to at least exit long positions taken earlier for now. Aggressive traders may plan to go short against 1,720/25 levels, as prices may test the bottom before rallying again. On the other hand, a clear break of 1,730.00 level would instill confidence for further upside potential challenging 1,755.00.
Trading Recommendations:
1. Conservative: Exit long positions taken earlier.
2. Aggressive: Go short now, stop is at 1,725.00. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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