Technical outlook and chart setups:
As we have discussing earlier and as seen on the chart view presented here, the yellow metal finally broke out of consolidation on the north side, above 1,584/85 levels yesterday! It should be noted that the wave structure remains bullish with the AB boundary defined by the rally between 1,555.00 and 1,620.00. The retracement has taken place up to 0.786 Fibonacci support around 1,560/65 levels, and after a phase of consolidation the prices have broken out of pennant formation. It is quite possible that previous resistance will be tested again at 1,585.00, which should act as support now, before the final thrust rally towards 1,660.00. Resistance lies ahead of 1,650.00 and above. Looking higher from here, so recommendations are to stay long.
Trading recommendations:
Stay long, move stop from 1,530 to 1,550.00, target 1 is at 1,660, target 2 remains open.
Good Luck!
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