Technical outlook and chart setups:
The yellow metal seems to be finally breaking above the 1,400.00 mark as seen on the chart view depicted here. It is recommended to remain long from yesterday’s positions since the next upside targets remain at 1,450.00 and then 1,520/25. Intermediary support is at 1,310/15 levels (the recent swing lows), 1,290.00/1,300.00, and 1,150.00 (on weekly charts). It is quite possible that the metal prints yet another low before rallying or it could stage an impressive rally towards 1,520/25 levels (which is defined as past support turned resistance) then reverse low towards 1,150.00 levels. Bottom line: Stay long for now in anticipation of a rally that could extend towards 1,520/25.
Trading recommendations:
Hold long positions for now, stop is at 1,315.00, and targets are at 1,450 and 1,520/25.
Good luck!
