Technical Outlook and Chart Setup:
Yesterday we discussed that the yellow metal is vulnerable towards a bearish breakdown till prices are below 1600.00 level. Today we re-confirm the above depicted structure. Immediate resistance is now at 1600.00 level, it is expected that prices should not exceed this for now. Expect a bearish breakdown to materialize soon, which would bring in a paradigm shift in the trend. We shall turn bullish only on a clear break of 1620.00 level on the higher side.
Trading Recommendations:
Short at current market price (1673-75), Stop 1620, target open.
Good Luck!
