FX.co ★ Gold May Fall Back To 1650/30 Levels Before Resuming...

Technical Outlook and Chart Setups:

After breaking out clearly the long term wedge formation, prices are heading towards 0.786 resistance level as depicted above. It is pretty much clear, looking into last 2 days movement, that a pullback should materialize towards 1650/30 levels which was past resistance area turned into support now. Moreover, the dropping line of resistance would also provide support around the same region. It looks like 1745.00 resistance level should hold for now.

Trading Recommendations:

Remain short from yesterday, stop at 1750, target at 1650/30.

Good Luck!