FX.co ★ Gold retracements should be used as buying opportunities. Target remains at 1,660

Technical outlook and chart setups:

Looking into the 4H chart view depicted here, it is recommended to buy the yellow metal on dips towards 1,585/90 today. Please note that this region is also being re-enforced by past resistance turned support and Fibonacci 0.382 Fibonacci support as well. The overall swing structure remains intact as follows:

1. Swing 1: AB between 1555.00 to 1,620.00 level on the higher side. (Complete)

2: Swing 2: BC between 1,620.00 to 1,560/65 levels as retracement. (Complete)

3: Swing 3: CD between 1,560/65 to 1,660 atleast, as extension (under way)

Intermediary supports are at 1,575.00, followed by ,1560/65 and 1,555.00; while resistance is at 1,650/60, 1,680/85 and higher up. It is highly recommended to utilize intraday dips as buying opportunities and remain long.

Trading recommendations:

Remain long, stop is at 1,550.00, and target is at 1,660 at least.

Good Luck!