FX.co ★ Gold Produces An Engulfing Bullish Candle. Hold On To Long Positions.

Technical Outlook and Chart Setup:
Gold is set to break through the resistance at 1640.00 level soon. We have been discussing the bullish scenarios and issuing buy recommendations on each dips since last 2 weeks for now, and continue to remain bullish on the counter. It is just a matter of time before gold breaks the resistance barriers set at 1640.00 level. 1580 level should provide strong support now, and buying on intraday dips remains very much intact.
Trading Recommendations:
Continue holding long positions, buy on intraday dips. Target 1650 and 1700.

Good Luck!