Technical outlook and chart setups:
As depicted on the daily chart, the yellow metal remains bullish above 1,550.00. As seen, at the moment, the immediate price action should be towards 1,630/60 levels. Intermediary resistance is at 1,630/50, followed by 1,670.00, and 1,696.00. Intermediary support is at 1,550/55, followed by strong level at 1,525/30. It is recommended to remain long for now and build further positions. Looking higher from here on. 1,525/30 and 1,550.00 levels should hold well for now.
Trading recommendations:
No change, hold on to long positions, stop is at 1,530.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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