Gold Is Retracing. Buying On Dips Recommended. 1630/50 Insight Trend News

Technical Outlook and Chart Setups:

As seen from the 4H chart view, the yellow metal has taken out the first resistance at 1615/20 level yesterday. At the moment it is retracing down towards probable 1580/85 level to resume further rally. Immediate support intraday is around 1580.00 area while 1555.00 is strong support which should hold now. Resistance is at 1630/35, followed by 1645/50 and higher up. It is recommended to hold long positions taken earlier and also look to add further today on dips. Looking higher from here on.

Trading Recommendations:

Hold on to long positions, add further on dips today, stop at 1540/50, target open. Please book partial profits around 1650.00 region.

Good Luck !

The material has been provided by InstaForex Company - www.instaforex.com



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