FX.co ★ Gold completes retracement at 1570/75; a buy opportunity on hand (March 1, 2013)

Technical outlook and chart setups:

As seen in the 4H chart, Gold has completed retracement near 1570/75; and it is further providing a clear bullish opportunity at the following confluences:

1. The 0.618 Fibonacci support of recent upswing rally from 1555.00 to 1620.00.

2. Backside of the trendline that acts as support now.

3. Past resistance turned support around 1570/80.

4. The Morning Star Bbullish signal appears in the 1H chart.

Trading recommendations:

Hold on to long positions taken earlier, initiate fresh longs as well, stop at 1540.50, target open. 1660 is reachable now.

Good Luck!