Technical outlook and chart setups:
1. Gold prints highs at sub $1,340.00 levels and pulls back. The metal could possibly push towards $1,356.00 levels before producing a meaningful pullback lower towards $1,280.00/85.00 levels. Recommendations are to remain flat for now, looking to buy lower.
2. Support is at $1,310.00, followed by $1,260.00, $1,230.00/10.00 and lower while resistance is at $1,350.00/60.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold has turned bullish for long term. Therefore, buying on dips is the recommended strategy.
Trading recommendations:
Remain flat for now.
Good luck!
