Technical outlook and chart setups:
The yellow metal has retraced lower up to 1,585.00 level as we had been discussing earlier. Believe it or not, these intraday dips are excellent buy opportunities. It is expected that the rally should materialize by next week, taking prices towards 1,660.00 level. Supports are seen from 1,570.00 level, followed by 1,560.00, 1,555.00, 1,550.00, and 1,525.30; while resistance remains fixed at 1,650/60, 1,680/85, 1,700.00, and higher. The current price action may seem like testing too much patience for traders, but the breakout results shall be equally rewarding. Persistence remains key here. It is recommended to utilize all dips as buying opportunities from here on.
Trading recommendations:
Remain long, stop is at 1,550.00, and target is open.
Good Luck!
