Technical Outlook and Chart Setups:
The yellow metal is taking time to break higher of the range setup between 1,680.00 and 1,730.00; but it is only a matter of time. The overall structure and trend remain still constructive for bulls, till the time price stay above 1,672.00 level. Intermediary resistance is 1,755.00 and higher up at 1,795.00 level; while intermediary support is at 1,670/80 levels followed by 1,630/40 levels. At the moment it is at the lower boundary of consolidation range, as depicted here, and hence it is recommended to buy on intraday dips and also hold on to long positions taken earlier. Looking higher from here on.
Trading Recommendations:
Hold on to long positions, add further on intraday dips, stop is below 1,670. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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