Technical outlook and chart setups:
A simple wave structure of 4H chart has been depicted here. The long term support region was around 1,530/40 region and the prices have just produced a morning star, bullish reversal trade signal. Support is just below 1,540.00 now, while resistance is lined up from 1,610/20, through 1,650/60 and higher. It is recommended to enter long positions again (1,552.00), with an immediate target of 1,610.00 from here on. As seen here, the sloping line of resistance would be breached if prices reach first resistance near 1,610/20 region from current levels. Thereafter, the yellow metal would be offering fresh long entries on dips. Long again for now.
Trading recommendations:
Enter long positions now (1,552/53), stop is at 1,520.50, and target is at 1,610.00.
Good luck!
