Technical Outlook and Chart Setups:

A detailed wave count has been depicted here. Probably gold has gone through wave 1 to wave 4 and it is expected that wave 4 concludes at 1,672.00 level. On the flip side, a clear break of 1,672.00 level (which remains a remote possibility at the moment) would slip down to 1,640.00 level before rallying further up. Considering the fact that a small cone consolidation has been going through the range 1,672.00 – 1,755.00 a north side, breakout remains possible after yesterday’s intraday dip and sharp pullback above 1,700.00 level. It is recommended to hold long positions and also look to add further. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier, also look to add further longs. Stop is below 1,670. Target is open.

Good Luck!