Technical outlook and chart setups:
Looking into the 4H chart view presented here, Gold still remains constructive for bulls and a break above 1,615.00 now, would target 1,660.00 level quickly. Please note that the yellow metal has remained sideways since the recent swing lows at 1,555.00; the consolidation sequence has been of constant resistance at 1,615.00 level and increasing supports from 1,555.00, 1,560/65, and 1,580.00. Currently trading at 1,600.00 level again, it is pretty close to breaking out above the resistance line shown here. As discussed earlier, sideways breakouts are very powerful and hit targets (here at least 1,660.00 level) pretty fast. It is again recommended to remain long and use intraday dips as great opportunities to build long positions. Bottom line: Looking higher from here on.
Trading recommendations:
Remain long, stop is at 1,550.00, target is open for the long term. 1,660 is immediate.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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