Technical outlook and chart setups:
Gold is holding its major support at Fibonacci 0.618 ($1,220.00/21.00) for now. Besides, please note that the metal is around the resistance turned support region at $1,220.00/23.00. A bullish morning star candle stick pattern remains highly probable at the moment indicating a potential uptrend/rally from current levels. Immediate support is seen at $1,205.00 followed by $1,170.00 and lower, while resistance is seen at $1,245.00 followed by $1,286.00 and higher, respectively. Furthermore, the metal has kept its rising trend line support intact, which indicates no change in the short-term trend as well. Bulls are poised to remain in control untill prices remain above $1,170.00 levels.
Trading recommendations:
Remain ling; stop is at $1,170.00, target is $1,340.00.
Good luck!
