FX.co ★ Gold Should Break Higher Now - Technical Analysis and Trading Recommendations

Technical Outlook and Chart Setups:

The yellow metal is just standing on the edge and can possibly break through the 1,620 level any time now. As you can see above, yesterday's low has again tested the backside of the dropping cone consolidation line, which is now support. Aggressive traders can initiate fresh long positions by placing stops below yesterday's lows registered near the 1,604.00 level. A break higher is due now, stay long.

Trading Recommendations:

Hold on to long positions, target 1650, 1670 and 1700.

Good Luck!