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Technical Outlook and Chart Setups:
As seen on the Daily chart here, the yellow metal seems has been holding fibonacci 0.786 support levels well since last few trading sessions. An aggressive dip in the form of retracement towards recent lows is still possible, ahead of the thrust rally. Support region is 1550.00 and 1530.25 on the lower side, while resistance is the 1630.00 mark followed by 1680.00 and higher. It is recommended to hold long positions if taken last week and also build further on dips towards 1560/70 region. Looking higher from here on.
Trade Recommendations:
Hold longs, buy further on dips between 1560/70 region, stop is at 1520/30, Target is open.
Good Luck!
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| Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2013 |
Gold Holding 1550/70 Well for Now. Hold on to Long Positions
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