Technical outlook and chart setups:
As seen in the daily chart, the yellow metal remains supported around 1550.00. The prices have bounced back producing a dogi/hammer candle yesterday. It can be safely assumed that, at least in the short term, a rally should materialize towards 1640/50 levels, if not higher. Intermediary support is around 1550.00, followed by 1530/25; intermediary resistance is at 1620/30, followed by 1680/90 on the higher side. It is recommended to build long positions during intraday dips today (1565.00-1570.00).
Trading recommendations:
Buy between 1560/70 again, continue holding long positions taken yesterday, stop at 1530/20, target open.
Good Luck!
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| Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2013 |
Gold looking higher after support around 0.786 Fibonacci level
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