Technical outlook and chart setups:
Gold reverses just shy of our measured target at 1,450.00 level yesterday. Nevertheless, it is still recommended to remain long from long positions taken earlier and add on intraday dips. Please book profits on at least 50% of long positions at 1,450.00 region. Also, the inner line of resistance will also coincide with 1,450.00 region soon. Furthermore, the past support turned resistance region is between 1,500.00 and 1,500.20/25 region as depicted here. Long positions should be sold off around the same region and a clear signal should be awaited to sell from there on. Further resistance level is at 1,580.00, 1,620/30, and 1,650/60, while support is around 1,320 level for now. Please remember that the yellow metal can print another low towards 1,290/1,300 levels in the coming sessions.
Trading recommendations:
Hold long positions for now, stop is at 1,315.00, and targets are at 1,450 and 1,520.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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