Technical Outlook and Chart Setup:
The yellow metal is still trying to find buying interests above 1620 level. The rising supports are the only reasons for the yellow metal to remain bullish and expect a bullish breakout in the upcoming sessions. 1580 and 1550 levels are immediate supports while resistance remains constant at 1620/30 levels. Our trading patience is being tested here time and again and perseverance is the only solution. Let’s keep this simple, a break above 1620/25 levels will prove extremely bullish opportunity for the counter, while a break below 1550 level will result in a paradigm shift in the trend.
Trading Recommendations:
Stay long for now, target 1650, 1670 and 1700.
Good Luck!
