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Gold Needs To Pullback Before Final Rally
Technical Outlook and Chart Setups:
Structurally, the following facts should be kept in mind:
i. Gold is clearly out of consolidation triangle.
ii. Intermediary resistances till 1720.00 levels have been cleard by the bulls so far, hence a pullback should materialize soon.
iii. At present, prices are stalling near the 0.786 Fibonacci resistance level.
iv. Before the next rally, the yellow metal should test again the dropping line of resistance.
All the mentioned above facts can signify that gold is retracing down towards at least 1650.00 level before going further up.
Remain short, stop at 1750.00, targetting at 1650/30 levels.
The material has been provided by Instaforex Company – instaforex.com