Technical outlook and chart setups:
1. The Yellow metal bounced back sharply from intraday lows at $1,280.00 levels yesterday. Currently trading at $1,290.00, the metal can resume rally towards at least $1,350.00/60.00 levels from here on. Bulls are poised to remain in control till prices are above 1,277.00 levels. Recommendations are to remain long, risk is at $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 at $1,330.00 (intermediary) followed by $1,350.00/60, $1,388.00 and higher, respectively.
3. The structure indicates that Gold remains bullish above $1,277.00 for now. The metal is expected to resume upswing which extends to $1,360.00 levels as seen here.
Trading recommendations:
Remain long, stop is at $1,275.00, target is open.
Good luck!
