FX.co ★ Gold produces bullish reversal on daily chart. Remain long and favor buying on dips

Technical outlook and chart setups:

The daily chart view presented here shows a key reversal signal appearing finally; after much awaiting and anticipations near major support at 1,530/40 levels on Friday. Looking into the overall wave structure, an ABC seems to have formed now with A= 1,525.00, B=1,798.00, and C=1,540.00. This could potentially take us to a D extension above 1,798.00 in the coming months (this is a long-term view). For now, it is highly recommended to remain long from positions taken last week and also utilize dips as fresh long opportunities.1,530/40 levels is immediate support now, followed by strong support around 1,525.00; while immediate resistance is now at 1,610/20 levels, followed by 1,650/60, 1,680/85 and higher up. Bottom line: Looking higher from here on; remain long.

Trading recommendations:

Hold on to long positions and buy further on dips around the 1,560/70 mark, stop is at 1,521.50, and target is open.

Good luck!