Technical Outlook and Chart Setups:
As depicted on the daily chart here, the yellow metal seems to be reacting well from the 0.786 fibonacci support levels around 1580.00. After having produced a morning star, the follow up has been impressive and next immediate upside target seems to be 1630.00 for now. Immediate support should be around the 1555-1550 region while resistance begins from around 1630.00 (backside of trendline) and is followed by 1680/90. It is highly recommended to remain long now and add further positions on dips. If prices rise above 1630.00 levels, huge upside potential remains.
Trade Recommendations:
Hold long positions, stop 1530.00 (to be revised soon), target open. Please book partial profits around 1625/30.
Good Luck!
