Technical Outlook and Chart Setups:
Nothing has changed our bullish bias in the yellow metal until now. In fact a breakout is being confirmed at this moment. Today’s candle formations are above the cone resistance line. Gold cleared the immediate resistance placed at 1620 level yesterday and is set to extend gains further. Major support comes in at 1550 levels while bulls are now targeting above 1640 levels. Fibonacci numbers extends up to 1700 levels. Stay long for now.
Trading Recommendations:
Remain long, target 1650 and 1700.
Good Luck!
