Technical outlook and chart setups:
The metal is finally out of the cone consolidation as depicted here. 1,405/06 levels should now act as support for Gold. Immediate support is at 1,390.00 level, followed by 1,370.00, 1,340/50 and 1,324.00, while resistance is now lined up through 1,440/50, followed by 1,488 and higher up. The whole wave structure could be possible unfolding into a 3 wave correction towards 1,500/25 levels in the sessions to come. It is recommended to hold long positions and buy further on dips towards 1,405/06 levels. Looking higher for now.
Trading recommendations:
Hold on long positions, stop is at 1,380.00, and target is at 1,500/25.
Good luck!
