Technical outlook:
Gold prices slipped through $1,810 in the early Asian session on Friday before pulling back sharply. The yellow metal pushed through $1,828 thereafter and found resistance. It is pulling back lower again and seems to have found support close to the $1,815-16 levels at the time of writing. Bulls might be inclined to resume higher from here.
Gold is now facing immediate price resistance around $1,858 as bulls prepare to take that out in the near term. If the metal unfolds accordingly, bulls would assert themselves to be back in control. Intermediate support is now shifted through the $1,810 mark and ideally prices should remain well capped higher.
Gold has carved a meaningful downswing between $1,998 and $1,810 in the past several trading sessions. The metal is now expected to produce a corrective pullback through $1,892 and $1,935 going forward. Traders might be preparing to initiate fresh long positions from here with risk below the $1,810 mark.
Trading plan:
Potential rally through $1,892 and $1,935 levels against $1,810
Good luck!
