Technical outlook and chart setups:
As shown on the 4H chart view here, the prices have just pierced the line of support printing intraday lows at 1,682/83 levels. This may not be a line break yet and a daily chart confirmation would be required to conclude further bearish scenario in the yellow metal. Supports are spread across 1,660/65 levels, through 1,650.00, and 1,630.00; while resistance begin from 1,710/15, followed by 1,725/30, and 1,750.00 respectively. A bullish bounce is expected from the current levels (1,682/83) and it is recommended to build further long positions from here.
Trading recommendations:
Hold long positions and build further long at current price (1,682/83), stop is at 1,630.00, and target is open. Please book partial profits higher up to 1,725/30 levels.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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