Technical outlook and chart setups:
Gold is expected to retrace lower untill $1,170.00/72.00 from here. Please note that Fibonacci 0.618 is also passing through the same levels and a bullish bounce could be expected from there. It is recommended to remain flat for now and look to buy lower. Immediate support is seen at $1,172.00 followed by $1,160.00, $1,140.00, and lower while resistance is seen at $1,223.00 followed by $1,240.00/50.00, $1,285.00, and higher respectively. Bulls are poised to resume rally from the level of $1,170.00.
Trading recommendations:
Remain flat for now, looking to buy lower.
Good luck!
