FX.co ★ Gold Starts Forming Higher Highs. Immediate Target Seen at 1690.00

Technical Outlook and Chart Setups:

Prices should gather momentum as early as next week according to the weekly charts. There may be another 1-2 days of consolidation possible before rally begins. Initial resistance is at 1690/1700 followed by 1720/22 and 1753.00, respectively. Support is seen at 1600/10 followed by 1560/70, respectively. It is recommended to buy at current levels and also on any intraday dips towards 1645/50 region. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, also initiate further longs during intraday dips, stop is at 1610/00. Target is open (fresh highs).

Good Luck!