Technical outlook and chart setups:
Gold seems to have finally bottomed out at the levels of $1,215.00/16.00 on the previous Thursday. The metal has bounced off the Fibonacci 0.618 support of the rally between the levels of $1,170.00 and $1,307.00 and could have started off it uptrend towards the levels $1,340.00 at least. It is hence recommended to remain long for now, risk remains below $1,200.00. 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 $1,285.00, $1,307.00, $1,340.00 and higher, respectively. Bulls are expected to remain in control untill prices remain above $1,215.00 and subsequently above $1,170.00.
Trading recommendations:
Remain long for now; stop is at $1,170.00, target is open.
Good luck!
