Technical outlook and chart setups:
As depicted here, the yellow metal rallied through the 1,680.00 region yesterday without further correcting on the downside, as it was earlier expected. At the moment, the prices are breaking out of the intermediary downtrend line as depicted here and it seem to be poised to rally past 1,794.00 resistance soon. Furthermore, it is lagging behind silver, in terms of breaking the swing highs. Therefore, it is highly recommended to hold long positions and build further on intraday dips near 1,673/75 levels. The trend is up and the prices are headed towards fresh highs in the coming weeks.
Trading recommendations:
Hold on to long positions taken earlier, build further on dips, stop is at 1,600/10 (shall revise soon), and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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