Technical Outlook and Chart Setups:
Let us have a look again at the structure unfolding on the 4H chart here:
1. The yellow metal has held and bounced off from the 0.786 level of the entire upswing between 1525.00 and 1796.00 (not seen here) at 1555.00 levels.
2. Immediate support is at 1550.00, followed by 1525/30 levels on the lower edge; while resistances are lined up through 1640/50 for now, followed by 1680/90 on the higher side.
3. Considering the recent rally from 1555.00 levels as AB (shown here), prices have again retraced towards 1560.00 levels (re-enforced by the 0.786 fibonacci support again).
4. There has been a sideways pennant under formation since last several trading sessions between 1560 and 1585.00, respectively.
It is highly expected and recommended to hold long positions and add further on dips since the next big move seems to be on the north side.
Trade Recommendations:
Hold long positions for now, add further on dips, stop is at 1525/30, target 1 is 1660.00, target 2 is open.
Good Luck!