Technical Outlook and Chart Setups:
We are very close to the consolidation line of resistance passing through 1610.00 level at this moment. As we discussed the wave structure yesterday, gold might probably be in its 3rd wave up and now we have enough proof to it. We expect a thrust breakout in the coming sessions towards 1700 level. It is hereby recommended to stay long from yesterday’s position and build on it during intraday dips. A break of 1610/20 levels, shall move the yellow metal very fast.
Trading Recommendations:
Stay long, breakout awaited, minimum expectations are 1700.00
Good Luck!
