13.02.201311:55 Forex Analysis & Reviews: Gold Bounces From 1640.00 Levels. Looking Higher Now

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Technical Outlook and Chart Setups:

As depicted on 4H chart, Gold seems to have completed a 3 wave correction yesterday at around 1640.00 level before reversing sharply. Smaller time frames suggest that a reversal is just around these levels. Furthermore the 1640.00 area is re-enforced by Fibonacci 0.786 retracement/support level of the upswing from 1626.00 to 1694.00 recently. It is strongly recommended to take fresh long positions between 1640/50 and also hold on to earlier longs. Bulls will be targeting 1750.00 level from here on. Looking higher now.

Trading Recommendations:

Hold on to earlier long positions, take fresh longs as well, stop 1620.00 (shall be revised soon), target open (book partial profits at 1750.00).

Good Luck !

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