Technical outlook and chart setups:
Gold touched $1,305.00 levels yesterday before pulling back. The metal could be under way to produce a meaningful retracement towards at least $1,250.00 levels. It is the Fibonacci 0.382 support of the rally from $1,170.00 to $1,305.00 levels as depicted here. Please, note that the metal is out in the buy zone and the resistance trend line would act as support now. It is recommended to wait for a correction from current levels before again entering long positions. Immediate support is seen at $1,250.00 levels, followed by $1,230.00 and lower while resistance is seen at $1,305.00 (interim), followed by $1,340.00 and higher respectively.
Trading recommendations:
Wait for a dip towards $1,250.00 to enter long again.
Good luck!
