Technical outlook and chart setups:
As depicted here, in the daily chart setups, the yellow metal still remains constructive for bulls, till prices are comfortably above the intermediary support at 1,555.00 level as shown here. Other support levels are 1,550 and 1,525/30 respectively. Please note that prices have bounced off the 0.786 Fibonacci support levels of the entire upswing from 1,525/30 levels. A push above 1,610/15 levels is required to confirm resumption of major trend towards fresh highs in coming several weeks. On the other hand, if prices still remain sideways, prices can possibly test 1,555.00 level again before breaking out. Resistance is placed at 1,625/30, 1,650/60, 1,680/85, and 1,696.00 respectively. It is highly recommended to hold long positions and buy further on dips. Looking higher from here on.
Trading recommendations:
Hold long positions, stop is at 1,550.00, and target is open (1,660).
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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