FX.co ★ Gold Bullish Scenario Remains Intact

Technical Outlook and Chart Setups:

For the first time, a weekly chart has been presented here, to review a multi-year long-term setup. As depicted here, the long term trend remains intact and bullish. Also, the wedge formation has been broken out and fresh high was registered at 1,795.00 levels. At the moment, prices have retraced the breakout swing and have bottomed out near the 1,630/40 region. It is also expected to produce a morning star bullish signal this week. Immediate resistance is at 1,700, followed by 1,720 and 1,755.00 respectively. It is highly recommended to hold on long positions. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier, add further on intraday dips. Stop is at 1,610/20. Target fresh highs.

Good Luck!