Technical Outlook and Chart Setups:
Gold Daily Chart has been again presented to discuss the next larger bull run which is setting up at the moment. Looking into the wave structure as depicted here, a large A-B-C is possibly in place and the next large bull run towards D could be just underway. Immediate support levels are 1,590/1,600, 1,550.00 and lower; while resistances are at 1,700.00, 1,720/30, 1,750/55, and 1,795.00 respectively. It is again emphasized that the yellow metal has bounced back sharply from 1,625/30 levels last Friday. This region is enforced by the convergence of 0.618 Fibonacci support of AB, past resistance turned support and also the trendline. It is recommended to buy on dips during the day around the 1,640/45 mark. Looking higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier. Add further around 1,640/45 region. Stop is at 1,600/10. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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