Technical outlook and chart setups:
Gold is still pulling back after reaching $1,235.00 levels earlier. The metal could still drop to the fibonacci 0.618 support at $1,180.00 levels before rallying further up. It is recommended to initiate long positions around $1,180.00 levels on a bullish reversal there, risk remains at $1,140.00/50.00 levels. Immediate support is seen at $1,186.00 levels, followed by $1,142.00 and lower while resistance is seen at $1,255.00 and higher respectively. Bulls should remain in control till prices stay above $1,140.00 levels, look to buy lower.
Trading recommendations:
Remain flat for now. Look to buy lower around $1,180.00 on a bullish reversal.
Good luck!
