Technical outlook and chart setups:
Gold is inching higher for now, and has hit $1,240.00 levels as expected. The metal should be targeting $1,255.00 levels from here on,though intraday dips are possible. As seen here, prices have bounced off the resistance turned support line from around $1,205.00 levels. Immediate support is seen at $1,205.00, followed by $1,190.00, $1,170.00 and lower while resistance is seen at $1,255.00, and higher respectively. It is recommended to remain flat (if long positions exited earlier) and wait for a pullback, to enter long again. Any intraday pullbacks from here, should be considered as opportunities to initiate long positions targeting $1,255.00 levels at least. Bulls should remain in control as long as prices remain above $1,170.00 levels.
Trading recommendations:
Remain flat (if exited long positions earlier), wait for pullbacks to enter long again.
Good luck!
