Gold Produces Bullish Reversal Signal on Daily Charts. Buy on Dips
Technical Outlook and Chart Setups:
As seen on the daily chart setups here, the yellow metal has produced a Morning Star Bullish Reversal Signal yesterday. Despite the fact that trend line has been broken, there remains high probability for the metal to turn bullish for long term. As for now, immediate upside potential remains around 1630.00 levels. Resistance is higher up towards the 1680.00 levels, while support should be strong at 1550.00 now. It is recommended to hold long positions for now. Looking higher from here on.
Hold on to long positions, buy further in intraday dips, stop @ 1525/30. Target is open.
The material has been provided by InstaForex Company – www.instaforex.com