Technical outlook and chart setups:
As depicted here on the 4H chart view, the yellow metal continues to be in a range/pennant formation. The lower boundary is rising (support) from 1,565.00, 1,567.00, and 1570.00 levels, while the upper boundary (resistance) is constant at 1,584/85 level as shown here. This type of range breakout would be indeed powerful and raise prices through the next upside resistance near 1,650/60 levels, as depicted. Immediate support is at 1,565.00, followed by 1,555.00, 1,550, and lower. It is highly recommended, after looking into over all daily structure, to remain bullish and long for now. Bottom line: Anything above 1,530/50 is strongly bullish. Wait for the sideways breakout to materialize.
Trading recommendations:
Hold on to long positions, buy further on dips, stop is at 1,530.00, target1 is at 1,650/60, and target 2 is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Gold attempting breakout yet again above 1,584/85 . Thanks for your support on Gold attempting breakout yet again above 1,584/85
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