Technical outlook and chart setups:
The yellow metal is inching towards 1,450.00 level; our initial measured target. Furthermore, the wave structure remains unchanged at least in the short term. The bulls would want to push prices towards 1,500/10 levels before reversing. It is hence recommended to remain long for now; book partial profits around 1,450.00 level and remain at 1,500.00. Please also note that the 1,500/10 region is past support turned resistance for now and also the Fibonacci 0.618 resistance level is around 1,503.00. Considering all the above facts, 1,500.00 would be a favorable level to initiate short positions. Resistance on the higher side is at 1,580/85, 1,620/30, and 1,650.60; while intermediary support is at 1,310.00 region, followed by 1,290/1300 and lower at 1,500.00 on the weekly charts. Bottom line: Long for now, then reverse.
Trading recommendations:
Remain long for now, stop is at 1,315.00, and targets are at 1,450 and 1,500.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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