Technical Outlook and Chart Setups:
As depicted here, Gold prices have found support at the following levels of convergances.
1. Trendline passing through the swing lows.
2. Area of past resistance, which has turned support, around the 1635/40 region.
3. Fibonacci Support of 0.618 of the upswing between 1530.00 and 1795.00 levels.
4. Double bottom formations on the hourly charts setup.
5. Counter trend from 1795.00 swing highs, ending at 1635.00 levels as well.
Trade Recommendations:
1. Hold on to long positions taken earlier.
2. Buy aggressively around current levels (1645/50), Stop is at 1620/10, Target 1950.00
Good Luck !
