Technical Outlook and Chart Setup:
As discussed earlier, yesterdays' intraday dip was an opportunity to buy. It is still possible that the yellow metal drops one last time to back test the consolidation resistance line turned for support now, before rallying further. To keep things simple, upside targets are well defined at 1650 and 1700. This rally is normally expected to be aggressive and fast since the scenario is consolidation breakout. Buy on intraday dips remains the trade mantra for now.
Trading Recommendations:
Hold on to long positions taken last week, target 1700.
Good Luck!
