Technical outlook and chart setups:
Gold is seen to be preparing to drop lower towards at least $1,175.00 if not further. The metal can bounce back from the level of $1,175.00 or $1,160.00 and resume moving towards $1,220.00/23.00. It is recommended to remain flat for now and look for an enter at lower levels on a bounce appearing on hourly charts. Immediate support is seen at $1,175.00 , followed by $1,162.00, $1,140.00/43.00, and lower while resistance is seen at $1,224.00/25.00 respectively. Bulls should push through initial resistance to install further confidence.
Trading recommendations:
Flat for now. Looking to buy lower again.
Good luck!
