Technical outlook and chart setups:
As depicted here on a 4H chart view, it remains quite clear that the yellow metal has broken the sloping resistance line and is trading in the buy zone. Furthermore, the prices have been following the rising trendline extended from the 1,626.00 low. Please note that the sequence of higher highs and higher lows remains intact and the next measured extension is expected around the 1,720/25 levels which is also been marked as the past resistance zone. Immediate support is now at 1,665.00, followed by 1,650 and lower. It is recommended to hold long positions taken earlier and buy further on intraday dips as well. Uptrend remains intact.
Trading recommendations:
Hold on to long positions taken earlier, buy on intraday dips, stop is at 1,630.00, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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