Technical outlook and chart setups:
As depicted on the daily chart view here, the yellow metal has presented another clean buying opportunity on Friday last. Gold retraced towards 1,565.00 level, the 0.786 Fibonacci retracement level of the recent upswing. Intermediary support is at 1,555.00, followed by the 1,525/30 levels; while resistance begins from 1,630.00 mark, followed by 1,650/60, 1,680.00 and higher. It is strongly recommended to hold long positions for now and look to add further.
Trading recommendations:
Hold on to long positions, add further if possible, stop is at 1,530.00, and target is open.
Good Luck!
