Technical outlook and chart setups:
1. Gold is poised to rally further towards $1,350.00 levels from here, possibly after taking a break or pullback. Recommendations are to exit long positions taken earlier for now and plan to enter again around $1,300.00 levels. Please also note that $1,320.00 level is the fibonacci 0.382 resistance of the fall from $1,388.00 to $1,277.00.
2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,340.00/50.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold should remain in control of bulls till prices are above $1,277.00 for now. Look to buy again at a lower level.
Trading recommendations:
Exit long positions for now. Look to go long around $1,300.00 levels again.
Good luck!
