Technical outlook and chart setups:
As depicted on a daily chart view below, the yellow metal has tested support at 2 lines on Friday. 1. Backside support of the down slopping trend line. 2. The long-term support line at 1,655.00 level before bouncing back. It is expected that prices should stay above the lows formed now and head north side. The lined up resistances are at 1,710/15, followed by 1,725/30, and 1,745/50, depicted here as Fibonacci extensions. 1,650/60 support should hold well now. It is recommended to initiate fresh long positions from current levels. Looking higher from here on.
Trading recommendations:
Long now (1,660.00), stop is at 1,630.00. Target is open.
Good Luck!
