Technical outlook and chart setups:
As seen on the 4H chart view depicted here, the yellow metal seems to be consolidating between 1,6650/60 to 1,6770/80 region at the moment (since last few sessions). A possibility that the metal may test 1,645/50 region before finally rally towards fresh highs still remains. Furthermore, this region is marked by the 0.786 Fibonacci support of the upswing between 1,626 to 1,694. On the other hand, a clear breakout above 1,680.00 level will confirm a bullish breakout and allow the metal to rally towards 1,710/20 and then 140/50 mark on the higher side. It is again reminded, 1,626.00 is the trend defining support.
Trading recommendations:
Hold on to longs, buy on dips further, stop is at 1,630, and target is open.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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