Technical outlook and chart setups:
Gold has taken out initial interim resistance at $1,210.00 by printing highs at $1,215.00 as we can seen here. A pullback towards $1,190.00 is quite possible before the rally could resume. It is recommended to book profits on long positions taken earlier and look to again enter at lower levels. Immediate support is seen at $1,200.00 followed by $1,175.00, $1,162.00, and lower, while resistance is seen at $1,225.00 followed by $1,240.00/50, $1,280.00/85.00, and higher respectively. Bulls are poised to remain in control till prices stay above $1,170.00 levels.
Trading recommendations:
Book profits on long positions and remain flat.
Good luck!
