Technical outlook and chart setups:
1. Gold has bounced off the immediate support trendline around $1,280.00 levels as seen here. Also the 0.786 fibonacci levels of the recent rally from $1,275.00 to $1,314.00 levels pass through the same region. The metal looks poised to rally towards $1,330.00 and higher for now. Recommendations are to hold long positions, risk remains at $1,270.00.
2. Support is at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,330.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold might have formed bottom around $1,270 levels for now and is ready to stage a rally towards $1,330.00, $1,3350.00 and higher from here on.
Trading recommendations:
Remain long for now, stop below $1,270.00, target is open.
Good luck!
