Technical outlook and chart setups:
Gold is probably looking to form a double bottom ahead of $1,200.00 levels as seen here. A push above $1,235.00 now, would confirm the same. As seen on the daily chart here, the metal is looking to break the inner line of resistance at current levels. Once broken out, Gold could rally higher up to $1,250.00 levels and $1,270.00, before it faces the other line of resistance. Immediate resistance for now is seen at $1,240.00, followed by $1,273.00/75.00 and higher up, while support is seen at $1,200.00 and $1,180.00/85, respectively. It is still recommended to remain long for now and also look to add further above $1,235.00 levels.
Trading recommendations:
Remain long, stop at $1,203.50, target is at least $1,250.00.
Good luck!
