Technical outlook and chart setups:
Gold is looking to form a higher low ahead of $1,208.00 levels for now. Please note that it is on the fibonacci 0.786 support of rally between $1,208.00 and $1,234.00. Furthermore, the metal is probing the backside of resistance turned support trend line as well. A bullish reversal signal here would ensure that Gold would rally towards at least $1,250.00 levels if not further high. It is recommended to stay long for now since bulls should remain in control till $1,208.00 levels remain intact. Only a fall below $1,208.00 should be a concern to the bullish setups and warn a test and possible break below $1,180.00/85.00 levels.
Trading recommendations:
Remain long, stop at $1,203.50, target is at least $1,250.00.
Good luck!
