Technical outlook and chart setups:
1. Gold continues to drift within the cone structure and is seen bouncing from the support line at $1,285.00 again. The metal is now poised to again test the upper boundary at $1,305.00/06.00 at least. A break higher now, could be very encouraging for bulls. Recommendations are to remain long with risk below $1,280.00 OR remain flat.
2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,305.00, followed by $1,310, $1,330.00, $1,350.00 and higher respectively.
3. The structure indicates that the metal has just bounced off its lows at support line around $1,285.00. Minimum expectations are $1,305.00/10.00 levels.
Trading recommendations:
Remain long, stop below $1,280.00, target is open OR Remain flat.
Good luck!
