Technical outlook and chart setups:
A simplified wave structure has been depicted here on the 4H chart view. As discussed yesterday after printing lows at 1,555.00 level, the yellow metal has remained sideways. The supports have been increasing from 1,555.00, 1,560/65 and the same has been tested today as well. On the other hand, resistance has more or less remained constant at 1,615.00 level. Higher resistance levels are at 1,650.60, 1,680/85 and higher, while support levels are 1,550, 1,525/30 on the lower side. At the moment, the prices are testing the support line around 1,560/65. Here a bullish reversal would keep the bullish structure intact. It is recommended to hold long positions at least for one more day. The rate should remain bullish with 1,555.00 intact.
Trading recommendations:
Remain long, stop is at 1,550.00, and target is open.
Good Luck!
