Gold retracement towards 1,585/90 support yesterday was another buying opportunity Trend News

Technical outlook and chart setups:

Yesterday the yellow metal corrected to the expected levels between 1,585/90. This region is also re-enforced by the past resistance turned support area, and prices pulled off sharply from there on. Currently it is trading around 1,598/99, it still remains a good buying opportunity. Immediate upside target seems to be 1,620.00 level in a short-term view. A break above that would rally further up towards the 1,660.00 region comfortably. Supports begin from 1,575.00 level, followed by 1,560/65 and 1,555.00; while resistance remains fixed at 1,650/60 levels, followed by 1,680/68, and 1,700.00 respectively. Believe it or not, Gold may be testing our patience for now, but it remains in a structural multi-year bull trend and would continue to be so. 1,550.00 level would be providing strong support and may be a base support for years to come by. Bottom line: Utilize all dips as buying opportunities. Looking higher.

Trading recommendations:

Remain long, add positions on dips, stop is at 1,550.00, and target is open (1,660.00 should be viewed as short-term target).

Good Luck!

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



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