Technical outlook and chart setups:
1. Gold has printed lows below $1,293.00 yesterday stopping the long positions initiated. The metal could still stage an aggressive counter trend rally towards $1,323.00 levels before falling back towards $1,280.00. In any case, the metal remains a buy on dip strategy.
2. Support is seen at $1,287.00 (interim), followed by $1,280, $1,260.00 and lower while resistance is seen at $1,340.00/50, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold remains buy on dips and levels of interest is $1,280.00.
Trading recommendations:
Initiate 50% long positions now, stop below $1,280.00, target is open.
Good luck!
