Technical Outlook and Chart Setups:
The yellow metal rose through the 1,675.00 level sharply yesterday, and it was very much expected as well. The prices are expected to pull back towards 1,660/65 levels before rallying further. Resistance is at 1,700.00 level, followed by 1,720.00, and 1,753.00, while 1,626.00 should provide strong support from here on. In order to remind, the prices have bounced back (1,626.00) from a multiple convergence of 0.618 Fibonacci retracement of upswing (1,530-1,795), 1.271 extensions of downswing (1,795-1672), past resistance turned support and trendline support. Hence, till the time prices stay above 1,626.00, the yellow metal has headed north.
Trading Recommendations:
Hold on to long positions, buy during intraday dips near 1,660/65 region, stop is at 1,600/10, and target remains open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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