Technical Outlook and Chart Setup:
It has been all about consolidations, trading range, and scalping during last one week and gold did not change its positions. 1625-1630 levels define resistance for the range. The yellow metal has still not been successful to break these levels convincingly on the higher side. As we discussed last week, immediate support/low is at 1580 level, and until the prices are above these levels, a break higher is the most probable output here.
Trading Recommendations:
Hold on to long positions taken earlier, target 1650 and 1700. Time frame is 1-2 weeks.
Good Luck!
