Technical Outlook and Chart Setups:
As depicted above, the price remains locked within the cone consolidation structure. A break above 1620.00 level shall be extremely bullish while a breakdown of 1540.00 level shall prove bearish. There is enough evidence from the past that the yellow metal is consolidating in a tight range before breaking out. We recommend traders to play between 1540/50 and 1580/90 levels in the near term.
Trading Recommendations:
Scalp between 1540/50 (Support) and 1580/90 (Resistance) for now. Trade aggressively on a break on either side of the cone (above).
Good Luck!