04.06.201313:52 Forex Analysis & Reviews: Gold structure remains constructive above 1,370.00

Long-term review

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Technical outlook and chart setups:

The yellow metal is holding the short-term immediate line of support as depicted here. It is recommended to hold long positions for now, since the overall structure remains constructive for bulls; a possible 3 wave pullback is under way towards 1,500/20 levels. Immediate support is at 1,370.00, followed by 1,360.00 and 1,340/20; while resistance is at 1,440/50, followed by 1,488.00 and higher up. Till the time Gold stays above 1,370.00; i.e above the immediate line of support, we are looking higher for the metal and bulls shall remain in control. The minimum extensions are pointing towards 1,520.00 levels at least, which is also past support turned resistance.

Trading recommendations:

Remain long, stop is at 1,369.00, and target is open.

Good luck!

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