Technical Outlook and Chart Setups:
Gold is trading close to the fibonacci 0.786 region of the entire rally from 1180 to 1440 levels. It is recommended to remain flat for now and watch for a meaningful bullish signal on a daily chart before committing on the long side. Immediate support is the 1210.00 level, followed by 1180.00; while resistance begins from 1275/80 levels, followed by 1320/25, 1350 and higher. The metal needs to break at least 1275/80 levels from here to confirm buying on dips. On the other side, a break below 1210.00 levels would see further downside towards 1180.00 and 1150.00, respectively. Looking for a clear signal indication for now.
Trade Recommendations:
Flat for now.
Good Luck !
