Technical outlook and chart setups:
1.Gold took out yet another resistance at $1,293.00/94.00 yesterday. It is expected that the metal reacts here in a bearish way. Please note that the fibonacci 0.618 resistance of the entire downswing from $1,360.00 to $1,182.00 is at the current price. A bearish reaction here would result in a pullback at least. Aggressive trade setup is to initiate 50% short positions now ($1,292.00/93.00).
2. Immediate resistance is at $1,325.00, while supports are spread through $1,230.00/20.00, $1,210.00 and $1,182.00 respectively.
3. The structure indicates that atleast a pullback towards resistance turned support trendline is quite possible now. The probability of another low still remains.
Trading recommendations:
Initiate short positions. stop is at $1,300.50, target is open.
Good luck!
