Technical Outlook and Chart Setups:
Fed Rate decision was of great interest yesterday. As seen on the chart setup above, the dropping line of resistance and the past resistance level near 1590 have been tested, followed by a sharp pullback. Such a move can force a trader to think that the yellow metal has reversed for good, but the fact remains that 1600.00 level is the best buy. We recommend enter/stay long and in 1-2 trading sessions, Gold should be on its way to break 1650.00 and 1700.00. August series remains bullish for the yellow metal. Stay long for now.
Trading Recommendations:
Continue to hold long positions for now, targeting 1650 and 1700.
Good Luck!
