Technical outlook and chart setups:
1. Gold has been making higher highs and higher lows for now and has taken out resistance at $1,294.00. A meaningful pullback is awaited to enter long positions. The expected level is between $1,20.00 and $1,230.00. Flat for now.
2. Immediate support is at $1,230.00, followed by $1,220.00/10.00 and lower, while resistance is now at $1,330.00 and higher respectively.
3. The structure reveals that a bottom formation might be complete at $1,182.00. Furthermore, the channel line resistance has also been broken and prices are in the buy zone. Buying on dips is a recommended strategy.
Trading recommendations:
Flat for now. Looking to buy lower around $1,220.00/30.00.
Good luck!
