17.01.201310:10 Forex Analysis & Reviews: Gold: Bullish trend remains intact. 1,700/20 in sight now

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

A 4H and Daily Chart views are presented here for further clarity. As seen on the 4H view, counter (down) trendline seems to be broken and the prices are ready to break higher above 1,690.00 level. The immediate up trendline support is also seen. It is around 1,675.00 at the moment and increasing with time. Price support levels are lined up from 1,673.00, 1,665.00, 1,645.00 and lower; while resistance begins from 1,694.00 and extends through 1,700/20 and 1,750/52 on the higher side. Daily chart view remains structurally unchanged for now. With the above 2 chart view confirmations, it is recommended to hold long positions taken earlier with fresh swing high target. Looking higher from here on.

Trading recommendations:

Hold on to long positions. Stop is at 1,600/10 (it will be revised soon). Target is open.

Good Luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.