Technical outlook and chart setups:
Gold has dropped lower towards the levels of $1,205.00, slightly more than it was expected. The metal still remains structurally in an uptrend until prices remain above the levels of $1,170.00. It is still recommended to remain long and look to add further at the current levels with risk at $1,170.00 for now. The metal is expected to turn bullish from the current levels or $1,197.00, which is the Fibonacci 0.786 support of the rally between the levels of $1,170.00 and $1,307.00 earlier. Immediate support is seen at $1,197.00 followed by $1,170.00 and lower, while resistance is seen at $1,235.00/45, followed by $1,285.00 and higher.
Trading recommendations:
Remain long for now. Stop is at $1,170.00, target is open.
Good luck!
