Technical outlook and chart setups:
The yellow metal is unfolding its counter trend rally, well according to expectations till now. The first measured target at 1,450.00 was hit yesterday. It was recommended to book partial profits at 1,450.00 level and hold on the remaining positions for an upside target towards 1,520/30 levels soon. The metal should be bought at dips towards 1,520/30 from here on. 1,520/30 region is past support turned resistance zone. It is more likely that prices reverse from there towards possible fresh lows, towards 1,290/1,300 or even 1,500.00 in the coming weeks. Resistance is lined up at 1,580/85, 1,620/30, 1,650/60 and higher, while support is fixed at 1,320.00 level, followed by 1,290.00 and 1,500.00 on the weekly charts as discussed earlier. Bottom line: Remain long till 1,520/30 at least.
Trading recommendations:
Hold remaining long positions, stop is at 1,350.00, and target is at 1,520.
Good luck!
