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Gold prints above 1,600.00. Stay long
Technical outlook and chart setups:
The Wave Structure for yellow metal remains constructive for bulls, till prices are above 1,555.00 level, as seen on the 4H chart view depicted here. Prices are gathering pace slowly after breaking higher from 1,585.00 level. Fridays’ swing high near 1,610.00 region has taken out an intermediary resistance at 1,603.00. Expect a pullback towards 1,595/97 levels before rally further up continues. The next lined up resistance is at 1,650.00, followed by 1,685.00, and higher. Intermediary supports are lines up across 1,570, 1,560, and 1,555 respectively. It is strongly recommended to hold long positions towards 1,660.00 level at least. Bottom line: 1,555.00 remains line on sand for bulls to remain in control. Looking higher from here on.
Hold on to long positions, buy further on intraday dips, stop is at 1,550, target is at 1,660 and higher.
The material has been provided by InstaForex Company – www.instaforex.com