Technical outlook and chart setups:
Gold has hit the minimum expected levels at $1,255.00 yesterday. The metal crossed $1,266.00 levels and is trading at $1,261.00 levels for now. Please note that the metal has taken out past resistance at $1,255.00 levels and hence a pullback could be expected from here. It is recommended to book profits on long positions and wait for a pullback to materialize. Immediate support is seen at $1,224.00, followed by $1,205.00, $1,170.00 and lower while resistance is now at $1,290.00 and higher respectively. Bulls are seen to be in complete control now and all dips from here should be considered excellent buy opportunities for long and short term trading.
Trading recommendations:
Book profits on long positions.
Good luck!
