Technical outlook:
Gold prices remain subdued after printing highs at $1,765 levels over the last week. The yellow metal has produced a trade cycle of lower lows and lower highs while it is trading at around $1,725 at this point in writing. Immediate price resistance is seen towards $1,750/51, while support is seen towards $1,710 respectively. The yellow metal is expected to drop lower towards $1,690/$1,702 levels in the short term to register yet another low. Please note that a drop towards $1,660 would be encouraging for bears, since it confirms that Gold has carved a meaningful top around $1,765 mark. On the flip side, a push above $1,765 would push further towards $1,775 levels before the yellow metal finds resistance again. Overall, Gold remains bearish until prices stay below $1,765, going forward.
Trading plan:
Aggressive traders remain short, stop @ 1,765, target @ 1,660.
Good luck!
