Technical outlook and chart setups:
As seen on the 4H chart view depicted here, the yellow metal continues to consolidate in an increasing support/constant resistance fashion (rising wedge). Support rises from 1,650/52 levels through 1,660.00 and 1,665.00 respectively. Resistance is fixed at 1,680/85 levels for now. It is seen that rising wedge consolidation patterns have a tendency to break north side and quite forcefully. It is recommended to refrain from taking fresh long positions at the moment but enter on a break above 1,680/85 levels. 1,700/05 and 1,720/25 are seen as immediate targets on the north side.
Trading recommendations:
Hold on to long positions taken earlier, buy fresh on a breakout. Stop is at 1630.00 and immediate targets are at 1,720/25 and 1,740/45. Partial profit booking is recommended at targets.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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