Technical Outlook and Chart Setups:
As we have discussed earlier, gold seemed to be testing the backside of cone consolidation and further rally. No doubt, we have been proven wrong there and instead the yellow metal came back into the consolidation and found support at a 0.618 Fibonacci retracement level of the latest upswing. Still the bullish structure remains intact and a rally should materialize soon enough. We had depicted 1600 levels as best buy opportunities and Gold still remains within that territory. 1550/30 levels are now defined as strong support levels for the yellow metal; and till the time prices are above these levels, we expect higher highs n the coming trade sessions.
Trading Recommendations:
Stay long, stop below 1550, target 1650 and 1700 at least.
Good Luck!
