FX.co ★ Gold Short-term Resistance Seen Around 1,720-25 Region

Technical Outlook and Chart Setups:

A 4H chart view has been presented here. At the moment, the yellow metal seems to be struck between intermediary support and resistances places at 1,670/80 and 1,720/30 levels respectively. Therefore, it is recommended to keep booking short-term profits on long positions taken earlier. In the case if 1,672 support breaks, the yellow metal will see further correction towards 1,640/45 levels. On the other hand, a break above 1,730.00 level will again challenge 1,755.00 resistance. Buying intraday dips is still recommended but with a short-term profit perspective.

Trading Recommendations:

Exit long positions taken earlier at 1,722/25. Stop is at 1,680.00

Good Luck!