Technical outlook and chart setups:
As depicted on the 4H chart view here, and as discussed in the past 2-3 sessions, the yellow metal finally rose past 1,680 level with ease yesterday. Today's support is around the 1,665/70 mark and below that prices should stay above the 1,650.00 level. It is recommended to hold long positions taken earlier and add on intraday dips towards 1,665.00. This rally should be targeting towards 1,740.00 Fibonacci extensions at least. Bottom line: Look higher till 1,626.00 holds good.
Trading recommendations:
Hold on to long positions taken, stop is at 1,630 (shall be revised soon), and target is open.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
For detail explanation and best discovery on market trends you may visit via Gold resumes rally towards 1,740 level. Buying on dips is favored . Thanks for your support on Gold resumes rally towards 1,740 level. Buying on dips is favored
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