Technical Outlook and Chart Setup:
We have been waiting for this several days already and finally the yellow metal is out of Cone Consolidation as depicted above. Normally, consolidation boundaries are tested after a breakout is materialized, before continuing further towards the direction of breakout. Maximum expectations can be a back test of cone resistance at 1600 level, which will act as support now. In any case, this fall should be considered as the optimum buying opportunity. Bulls are aiming 1700.00 level now. Stay long.
Trading Recommendations:
Stay long from last week, build further on dips, and target 1700 at least.
Good Luck!
