FX.co ★ Gold consolidating between 1,660 and 1,680. Wait for breakout

Technical outlook and chart setups:

As seen on the 4H chart view depicted here, the yellow metal seems to be consolidating between 1,6650/60 to 1,6770/80 region at the moment (since last few sessions). A possibility that the metal may test 1,645/50 region before finally rally towards fresh highs still remains. Furthermore, this region is marked by the 0.786 Fibonacci support of the upswing between 1,626 to 1,694. On the other hand, a clear breakout above 1,680.00 level will confirm a bullish breakout and allow the metal to rally towards 1,710/20 and then 140/50 mark on the higher side. It is again reminded, 1,626.00 is the trend defining support.

Trading recommendations:

Hold on to longs, buy on dips further, stop is at 1,630, and target is open.

Good Luck!