FX.co ★ Gold Threatning To Break Through Fresh Highs:

Technical Outlook and Chart Setups:

Bulls are threatening to break through fresh highs. Let’s keep trading simple now; the first recommendation would be to exit short positions for now. Furthermore, as depicted above, prices have formed a wedge like channel with resistance around the 1780/85 mark and support around 1750 level for now. Bearishness towards the resistance level should be sold and bullishness (Trade Signals) towards the support channel should be bought. A break of any channel should be traded accordingly.

Trade Recommendations:

Flat for now. Sell around 1780/85. Buy around 1750/60. Counter trade on a break of channel at either side.

Good Luck!