Technical Outlook and Chart Setups:
Gold has held 1,685.00 level, the 0.786 Fibonacci support of rally from 1,672.00 to 1,754.00. As it was discussed yesterday, it was recommended to hold partial long positions if taken yesterday, since a push through 1,720.00 levels indicated a low in place. Intermediate resistance is at 1,710/20 and 1,755 respectively; while interim support will be at 1,685.00 and 1,672.00. A push below 1,685 indicates further downside towards 1,640/45 levels. If prices manage to reach 1,640/45 levels, then it is suggested to go long again and it will be the best buy.
Trading Recommendations:
Hold if long positions taken yesterday. Buy further if prices reach 1,640/45 region.
Good Luck!
