Technical outlook and chart setups:
The metal seems to have begun retracement now. Resistance seems fixed at the 1,430/32 levels, which should remain utill the counter-trend is in place. It is recommended to initiate sell positions around 1,420.00 with risk above 1440.00 to take advantage of the counter-trend. The chart setups are playing out a retracement towards the projected fibonacci levels in the chart. The most prominent being between 1,340/45, which appeared after resistance turned support. Furthermore, the rising trendline extended from the 1,180.00 levels is also passing through the 1,330.00 levels at the moment, which would coincide around 1,340/50 in a few days. Looking lower for a counter-trend, but Gold is setting up for an extended rally later.
Trading recommendations:
Initiate short positions around 1,420.00, set stop at 1,440.00, target is at 1,350.00
Good luck!
