Technical outlook and chart setups:
As seen on the 4H chart view presented here, it has been several trading sessions of consolidation for the yellow metal. The type of consolidation is increasing support and constant resistance type (1,585.00). As discussed earlier, such consolidations intend to produce powerful bullish breakouts! Supports have been rising since 1,565.00 level, while resistance has remained constant at 1,585.00. Expect a breakout to materialize anytime above 1,585.00 now. It is therefore recommended to stay long and add on intraday dips during open of NY session. Now the area of 1,550/55 is support.
Trading recommendations:
Hold on to long positions, stop is at 1,530.00, and target is open. Book partial profits at 1,660.00
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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