Technical outlook and chart setups:
The yellow metal is forming the next higher low around 1,590/92, as seen on the 4H chart view depicted here. The series of recent lows/supports are 1,555.00, 1,560/65, 1,570/72, and now 1,590/92. Resistances are lined up from 1,650/60, followed by 1,680/85 and higher. Looking into the shorter wave structure since 1,555.00 lows, prices have been forming higher supports. With a bottom near current levels, the next immediate move should be towards 1,620.00 level, followed by 1,660.00, and higher. Hence it is recommended to remain long and add further positions at current levels. The daily chart wave structure depicts a move higher till the time prices stay above 1,555.00 consistently. Prices have held 1,580 level well which is re-enforced by the 0.786 Fibonacci support of the entire upswing between 1,520/30 to 1,798.00 earlier. Bottom line: Expect higher levels, till 1,555.00 is in place.
Trading recommendations:
Hold on to long positions, stop is at 1,550.00, and target is open.
Good Luck!
