Technical Outlook and Chart Setups:
Gold has failed to clear resistance at 1620 level. It demonstrated an absolute sideways movement between 1604 and 1615 levels above the cone structure. Such a movement is unnatural after a range breakout. A bullish breakout still remains a fair possibility till the prices remain above 1580 level. Intermediary resistance is well placed at 1620 level and strong support comes in only at 1550 level. The yellow metal was sideways for an extended period now, so one thing is assured: the breakout will be powerful, whenever it happens.
Trading Recommendations:
Hold on to long positions taken earlier, target 1650-1670-1700.
Good Luck!
