06.02.201310:39 Forex Analysis & Reviews: Gold locked in consolidation range. Break above 1,680/85 required

Long-term review

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Technical outlook and chart setups:

As depicted here on the 4H chart view, the yellow metal seems to be locked into a constant resistance, increasing support type consolidation range. The resistance level remains at 1,680/83, while support is increasing through 1,655.00 region as seen here. Prices need to clearly break above the 1,685.00 region to advance further up. It is recommended to restrain from entering into fresh positions and wait for consolidation breakout.

Trading recommendations:

Hold long positions taken early, stop is at 1,630, target is open. Fresh long positions can be taken on a break above 1,685.00 mark.

Good Luck!

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