FX.co ★ Gold: Rally gains strength now

Technical outlook and chart setups:

A weekly chart view has been presented here for a long-term swing view. Clearly the yellow metal is in an uptrend since 1,680.00 price level. Furthermore, the decreasing wedge sideways pennant formation has been broken and also retraced back to 1,626.00 level (forming wave 2). A wave 3 swing rally is under way now towards possibly 1,962.00 level in the coming weeks. Please keep insight, this bigger picture and the strong support level of 1,626.00. It is hereby recommended to continue holding long positions and add on dips above the 1,626.00 support level. Looking higher from here on.

Trading recommendations:

Hold long positions, go fresh long as well, stop is at 1,630. Target is open. Book partial profits at 1,715/20 levels.

Good Luck!