Technical outlook and chart setups:
A daily chart view has been depicted here for entire wave structure view. Please note that 1,520/21 levels remain trend defining support levels. A break below would bring a paradigm shift in our projected trends. For now, the yellow metal is retracing gains from last week’s rally between 1,539/40 and 1,595/95 levels. Prices have tested the 0.786 Fibonacci support till now and are expected to reverse from here, 1,545/50 levels. Watch out for a bullish reversal signal on the hourly chart and build fresh long positions from here on. Furthermore, it is recommended to hold existing positions taken last week. Immediate support is 1,539/40 levels, while major support lies at 1,520/21 levels. Resistance is spread across 1,620.00 levels, followed by 1,650/60, 1,680/90 and higher up. Bottom line: Look higher from here, till prices stay above 1,520.00.
Trading recommendations:
Hold long positions, stop is at 1,520.00, target is open for the long term.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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