Technical Outlook and Chart Setups:
The overall structure remains unchanged and constructive for bulls. Currently trading sideways since last 5 trading sessions, the yellow metal is expected to raise the bar and stage an impressive rally this week. The weekly charts are suggesting a bullish reversal signal to complete this week. Immediate resistance is at the 1,700.00 mark followed by 1,720.00, 1,755.00 and higher, where support is around 1,630/40 region, followed by 1,600/10. Looking higher from here on.
Trading Recommendations:
Hold on to long positions. Stop is at 1,610/20. Target is open.
Good Luck!
