FX.co ★ Gold Structure Breaking Resistance Level... Exercise Restraint To Buy At Current Levels.

Technical Outlook and Chart Setups:

Prices seem to have broken the resistance channel passing through 1780/80 levels for now. Trading above 1790.00 level at the moment prices are expected to fall back towards at least 1780/85 region which should act as Resistance Turned Support. It is recommended to enter long positions around that region. Strong support shall be provided by 1770.00, but a break there would shift sentiment to bearish for the short time. It is recommended to buy after a healthy retracement materializes as usual; this could be a false breakout before retracement. A confirmed test of 1780/85 levels should instill confidence in buying, rather than entering at current levels.

Trade Recommendations:

Flat for now. Look to buy around 1780/85, stop 1765.00.

Good Luck!