Technical Outlook and Chart Setup:
The yellow metal was again threatening a bearish breakdown possibility yesterday before a sharp pullback. As depicted above, 1540/30 level is strong support now and 1600.00 level is strong resistance. A break out on either side would be indeed very powerful. The possibilities of a bullish breakout are increasing with each day passing by.
Trading Recommendations:
Flat for now: preparing to buy/sell on a breakout on either side.
Good Luck!