FX.co ★ Gold looking to carve higher highs... 1,660.00 target

Technical outlook and chart setups:

Looking into the 4H chart view depicted, the single currency seems to be carving out higher highs and higher lows on shorter timeframes, confirming our bullish stance towards 1,660.00 in the sessions to come by. The structure remains unchanged with a possible ABCD unfolding on the higher side with A=1,555.00, B=1,620.00, C=1,560, and projected D=1,660.00. Intermediary support levels are 1,600.00, 1,590/80, 1,560/65; while resistance levels are 1,650/60, 1,680/85, and 1,695.00 respectively. Only coming below 1,555.00 would delay matters further for the bulls. 1,525/30 is strong support below 1,550.00. It is therefore recommended to hold long positions and utilize intraday dips as buying opportunities for an upside target.

Trading recommendations:

Hold long positions, buy further on dips, stop is at 1,550.00, and target is at 1,660 and above.

Good Luck!