Technical outlook and chart setups:
The short-term outlook and structure remain constructive for the yellow metal, as seen here. It is recommended to hold long positions for now, and fresh positions can be built around the 1,380-1,400 support region on a dip. 1,450.00 remains the first measured target, followed by 1,500/20 region, which is the past support turned resistance now (according to weekly charts). Intermediary support is fixed at 1,310/20 levels, followed by 1,290.00 and also 1,500.00 level remain a possibility according to weekly charts. Immediate resistance is around the 1,500.00 mark and it is recommended to exit long positions if prices reach there in the coming trade sessions. Bottom line: Short-term bullish towards 1,500.00 level and bearish thereafter towards 1,290.00 levels at least.
Trading recommendations:
Remain long for now, stop is at 1,315.00, and targets are at 1,450 and 1,500.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Gold remains buy on dips for now. 1,380.00-1,400.00 support . Thanks for your support on Gold remains buy on dips for now. 1,380.00-1,400.00 support
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