Technical outlook and chart setups:
A compressed daily chart view has been depicted here for looking into entire consolidation after having been stopped out yesterday at 1,550.00. As seen here, the yellow metal has been locked in a huge trading range between 1,525/30 (line of support) and 1,790/95 (line of resistance). After dislocating all anticipated supports, the metal has now approached, and is trading extremely close to 1,530/40 levels where the line of support is also passing. This is the ultimate make or break scenario for Gold in the coming sessions. A bullish bounce here would be enough proof to again go long for a reversal ahead of 1,530/40 levels. On the flip side, a breakdown now would make a dramatic shift in the trend. It is recommended to remain flat for now, at least for 1-2 trading sessions.
Trading recommendations:
Flat for now. Waiting for bounce or a break.
Good Luck!
