Technical outlook and chart setups:
The single currency pair is approaching 1,615.00 resistance level slowly but surely. As discussed yesterday, the overall structure since last several trade sessions is in the sideways/consolidation. The pennant formation here is of constant resistance (1,615.00) and increasing supports (immediate is 1,580.00). Such pennants normally have the tendency to break out on the north side and reach targets pretty fast. Major support/base formation is now seen at 1,555.00 level, if it remains intact for a few more trading sessions. As seen here, the support line is passing through the 1,570.00 region and it is possible that Gold dips for one last time before the final breakout above 1,615.00 level. It is highly recommended to remain long and add further positions on dips.
Trading recommendations:
Remain long, stop is at 1,550.00, and target is open (1,660.00 remains initial target).
Good Luck!
