Technical outlook:
Gold outlook remains bearish as $1,747 resistance holds well. The yellow metal is seen to be trading around $1,706 levels at this point in writing and it is expected to continue lower towards $1630 and further. Immediate resistance is at $1,747 while support is seen towards $1,640, followed by $1,570 respectively. The recent boundary being worked upon is between $1,747 and $1,661 respectively. Gold has rallied through fibonacci 0.786 retracement levels around $1738 and reversed lower again. A break below $1,661 will accelerate further towards $1,630, $1,570 and lower. Please note that bears would be targeting below $1,450 in the medium term. It would also confirm the beginning of down trend for several months to come. Only a break above $1,747 would nullify the above bearish structure.
Trading plan:
Remain short with stop @ 1,747 target is $1,570 and lower
Good luck!
