Gold has retraced to 1,660/65. Rally expected to resume
Technical outlook and chart setups:
As discussed yesterday, the yellow metal has retraced/pulled back around the 1,660.00 mark. Fresh rally towards 1,740/50 should materialize soon enough. Intermediary support level is at 1,650.00 level, followed by the trend defining level of 1,626.00. Intermediary resistance is at 1,690/95 level, followed by 1,710/15, 1,720/25, 1,740/50, and 1,790/95 respectively. It is recommended to stay long on earlier positions and build fresh positions as well at current price (1,660/61). Looking higher now.
Remain long, stop is at 1,630.00. Target is open. Book partial profits at 1,740/50 levels.
The material has been provided by Instaforex Company – http://www.instaforex.com/