Technical outlook and chart setups:
As depicted here on the daily chart view, the yellow metal has corrected itself in 3 waves from the recent swing highs at 1,694/95. Technically, it is still at the 0.786 Fibonacci support level of the upswing between 1,626 and 1,694/95. A bullish reversal is highly possible now and, therefore, it is recommended to go fresh long, considering the risk/reward ratio is optimal. Major swing support is at 1,626.00, and till the time prices remain above that level, Gold remains clear buy on dips. Looking higher from here on.
Trading recommendations:
Hold on to long positions taken earlier, go fresh long now, stop is at 1,620.00 (it will be revised later again), and target is open.
Good Luck!
