FX.co ★ Gold Rallies Past 1690 Region. Buying On Dips Recommended

Technical Outlook and Chart Setups:

As it was discussed yesterday, and earlier, the rally is unfolding as expected. Also, a bullish signal is about to appear on the weekly charts (morning star), indicating further strength ahead. Resistance is seen at 1,700.00 level, followed by 1,720.00, 1,750/53 and 1,795.00 respectively. Support remains at 1,630/40 levels, followed by the 1,600/10. It is highly recommended to hold on long positions taken earlier and also look to buy during further intraday dips.

Trading Recommendations:

Hold on to long positions taken earlier. Add further positions on dips. Stop is at 1,620.00. Target is open.

Good Luck!