FX.co ★ Gold Pulls Back Sharply From 1,730/35 Resistance Levels

Technical Outlook and Chart Setups:

Let us look again into the wave structure presented on the Daily chart. The rally from 1,520/30 to 1,795 comprises of three waves. It is quite possible that wave 4 is complete at 1,672.00 level or it will get complete at 1,630/40 levels. 1,700/05 levels remain key to decide whether to go long now or around 1,630/40 levels. It is recommended to go short below 1,705.00 and long above 1,735/40 levels to remain out of a trading range.

Trading Recommendations:

Sell below 1,705.00, stop is at 1,735.00, and target is at 1,640.00. Or buy above 1,735, stop is at 1,700, and target is open.

Good Luck!