Gold continued with its steady upward movement and closed at 1744.57$, up 6.31$. The current formation of higher high and higher low suggests that the upward movement is likely to continue. If the gain extends further, the likely target will be at 1770$, a 61.8% retracement on the fall from 1921$ to 1522$, while any downside will initially be tested around 1695$. The RSI and the Stochastic Oscillator are overbought warranting a cautious approach, though the overall trend still seems to be positive. It is therefore suggested to stay cautious on the higher side and wait for dips. The support and resistance are present at 1725$ and 1752$, respectively.
By
M.Zohaib Gadit
Forex Trading Consultant
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