Technical outlook and chart setups:
No doubt, the yellow metal has printed fresh lows taking us out at 1,620.00 region last Friday. We again re-look at the Daily chart here, which is confirming 1,595/96 as a strong Fibonacci support as depicted here (orange line). Furthermore, that is probably the end of the Gartley, that begun from 1,798.00 level. The support trendline passing through is not yet technically broken for prices to indicate downward acceleration as of now. Support region is 1,550/70, while resistance is 1,694.00 at the moment. It is still recommended to go long on dips from here on.
Trading recommendations:
Go long 50% of capacity now (1,614.00), remaining 50% between 1,580 and 1,600, stop is at 1,550.00. Target is open.
Good Luck!
