FX.co ★ Gold Extremely Dullish Above 1,680.00 Level. Buying On Dips Still Recommended

Technical Outlook and Chart Setups:

The trend structure remains unchanged after last Friday’s pullback, which was expected. Please note that intraday support levels are spread through 1,640/45; hence the yellow metal needs to be bought if prices manage to reach those levels. Immediate resistance is at 1,694.00, followed by 1,720/22 and 1,753.00. On shorter timeframes (1h / 4h), the yellow metal is forming a diamond pennant and a breakout would be very strong (above 1,680/82). Once again, till the time prices stay above the 1,626.00 level, it is recommended to keep buying on dips. Watch out for 1,640/50 bounce to go long again.

Trading Recommendations:

Hold long positions, buy on dips, stop is at 1,600/10, and target is open.

Good Luck!