Technical outlook:
An hourly chart view has been depicted for Gold today. As seen here, the rally from $1,195 levels earlier seems to have completed its first leg around $1,130 levels. A corrective drop is expected towards $1,210 levels before the rally resumes further higher towards $1,250/70 levels as discussed yesterday. Short-term traders can book some profits on the long positions taken earlier and wait for a retracement lower towards $1,210 levels before entering long again. Please note that immediate support comes in at $1,208, while resistance is at $1,130 levels respectively. Besides note that the fibonacci 0.618 support is seen around $1,208 levels, hence a bullish bounce is expected there.
Trading plan:
Enter fresh long around $1,210/12, stop below $1,195, target above $1,250
Good luck!
