Technical outlook and chart setups:
Gold continues to move in a sequence of higher highs and higher lows forming lows at 1,320.00 level recently. The measured upside targets for the yellow metal are 1,450.00 and then 1,520/30 as depicted here as Fibonacci extensions in the RED. It is therefore recommended to remain long for now and utilize intraday dips as buying opportunities. Immediate resistance is at 1,500/20 levels, which was past support turned resistance now. The 0.618 Fibonacci resistance of the downswing is also at 1,507.00 level as seen here in PURPLE. This would be exit for long positions and initiating short positions. Higher up resistance levels are at 1,550/60, 1,620/30, and higher, while intermediary support is at 1,320.00 for now, followed by 1,200/1,150 levels on the lower side.
Trading recommendations:
Hold on long positions for now, stop is at 1,315.00, targets are at 1,450 and 1,505.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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