Technical Outlook and Chart Setups:
As depicted here, Fridays' candle is a hammer indicating a reversal ahead. The yellow metal bounced back sharply from the 1629/30 levels producing strong buy signals on the smaller timeframes. Furthermore, the 1625/30 level is the Fibonacci convergance of the following 2 swings:
1. The 0.618 Fibonacci retracement of rally from 1520/30 to 1790/95.
2. The 1.271 Fibonacci extension of the downswing from 1790/95 to 1672.00.
It is recommended to buy intraday dips towards the 1640.00 level today.
Looking higher from here on.
Trade Recommendation:
Hold on to long positions taken earlier. Buy around 1640 level today/tomorrow. Stop at 1610/20. Target Open.
Good Luck!
