Technical outlook and chart settings:
As depicted here, it remains quite possible that Gold may retrace down lower towards 1400/20 levels before rallying higher again. Immediate intermediary resistance is 1485.00 levels for now and a Gartley formation is possible, with price falling lower towards 1420/00 levels first and then looking higher. Higher up resistance levels are 1500/20 (marked with past support turned resistance), 1580/85, 1620 and 1650/60; while support is 1400/20, 1320.00 and 1290/1300 on the lower side. It is recommended to buy lower towards 1400/20 for now and expect a rally towards 1500/20 levels. On the other hand, a break through 1485.00 levels would take it directly to 1500/20 levels.
Trade recommendations:
Look to buy Gold between 1400/20 levels for an upside target of 1500/20.
Good luck!
