Technical Outlook and Chart Setup:
As depicted above, gold can be found around 1605.00 and 1617.00 levels for the last 2 trading sessions. Until the support at 1580 level remains intact, expect it to break higher towards 1650-1670 and 1700 levels. The positive sign is that it is out of the consolidation zone and is ready to continue its rally further. No doubt, resistance remains strong around 1620 level, but since the supports are inclined higher, the probability of a strong bullish breakout remains intact. Stay long for now.
Trading Recommendations:
Hold on to long positions. Target above 1650.
Good Luck!
