Technical outlook and chart setups:
Gold has already surpassed the 50-day moving average but is stalling around initial resistance zone around $1,110.00 levels for now. Please also note that the immediate resistance line is also passing through nearby. It the metals fails to climb above $1,111.00 levels, it can be expected to dip lower back towards $1,090.00 levels at least. It is hence recommended to take profits out of long positions and remain flat for now. Immediate support is seen at $1,090.00 levels, followed by $1,080.00, $1,075.00 levels, while resistance is seen at $1,111.00 levels, followed by $1,032.00 (fibonacci), $1,075.00 and higher respectively.
Trading recommendations:
Exit long positions and remain flat for now.
Good luck!
