Technical outlook and chart setups:
The yellow metal finally rallied through the 1,415.00 resistance level yesterday. It is recommended to initiate 50% long positions now, 1,412.00, and the remaining on dips towards 1,400.00 level. Please note that 1,395/1,400 levels which was past resistance shall now act as support from here on. The overall structure remains constructive for bulls now and the rally should accelerate towards 1,500/25 levels in the sessions to come. Higher up resistances are at 1,450/60, 1,488.00 and higher, while support is at 1,400.00, 1,375.00, and 1,350.00. Looking higher for now.
Trading recommendations:
Initiate 50% long positions, buy further on dips towards 1,400/1,395, stop is at 1,370.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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