Technical outlook and chart setups:
1. Gold has raised through resistance of $1,279.00, $1,294.00, and $1,323.00 within the past 3-5 trading sessions. It is quite possible that the metal has reversed after forming a double bottom around the $1,180.00 region. Recommendations are to remain flat and allow for a meaningful retracement towards $1,238.00 before going long.
2. Next major resistance is at $1,360.00, followed by $1,375.00, while supports are $1,270.00, followed by $1,230/20, $1,210.00 and lower respectively.
3. The structure indicated that a major corrective fall should materialize soon towards the falling trend line which is support now. On the other hand, a push through $1,332.00 would want to target $1,360.00 before retracing.
Trading recommendations:
Flat for now. Looking to buy lower
Good luck!
