Technical outlook and chart setups:
Gold printed yet another low at $1,215.00 levels yesterday before pulling back towards $1,220.00 levels at close. Currently trading around $1,223.00 levels, the metal remains vulnerable to bears but surely the bottom is near. The metal could either bounce off current levels or after a final push below $1,185.00 levels, where a long term support trend line seems to be passing through (not seen here). It is recommended to await for further signal confirmation before entering long positions here. Aggressive traders could start building up small quantity long positions at current levels, leaving room till $1,180.00 levels on the lower side. Support is at $1,180.00/82.00 while resistance is seen at $1,240.00/42.00 immediately.
Trading recommendations:
Remain flat for now. Looking to go long.
Good luck!
