Technical Outlook and Chart Setups:
As depicted here, let us look at the wave count, which has presented further clarity.
1. Wave 1 is from 1,525 to 1,640. Wave 2 ended at 1,550.00. Wave 3 ends at 1,795.00 and now Wave 4 ends at 1,635.00.
2. 1,635.00 can be safely assumed to be the next bottom and Wave 5 would resume from current levels.
3. As seen on chart, this level is re-enforced with past resistance turned support and also the 0.618 Fibonacci support passes through the same level.
Keeping the above facts in view, the yellow metal is recommended to be a BUY.
Trading Recommendations:
Hold on to long positions taken earlier, further go long now (1,646.00), stop is at 1,610.00. Target is open.
Good Luck!
