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Gold: Retracement underway. Bottom seen at 1,555/60. Remain long
Technical outlook and chart setups:
The yellow metal seems to be retracing its recent gains from 1,540.00 level lately. 1,555.50/1,556.00 levels seem to be good support now and a bottom is more likely to form at these levels as 0.618 Fibonacci support is also around the same region. Major support is around 1,530/40 levels, followed by 1,520/25; while initial resistance is laid at 1,610/20, followed by 1,650/60 and higher up. It is strongly recommended to hold long positions initiated from last week and also plan to build further during intraday dips towards the 1,560.00 mark. As depicted here on chart, the yellow metal should first dip towards 1,560.00 and then rally towards 1,650/60. Looking higher now.
Hold on to long positions, stop is at 1,521.50, and target is open (long-term).
The material has been provided by InstaForex Company – www.instaforex.com