Technical outlook and chart setups:
Gold rose through the $1,120.00 levels yesterday, just above its fibonacci 0.382 resistance, of the drop between $1,167.00 and $1,070.00 levels. Please also note that the metal is stalling at an immediate resistance line at the moment, indicating a potential pullback/reversal ahead. It is hence recommended to remain flat for now and watch out for a possible reaction around $1,095.00 levels. It is also possible that a pullback rally might be over around $1,120.00 levels and the metal could be heading towards fresh lows. Immediate support is seen at $1,095.00 levels, followed by $1,075.00 and lower while resistance is seen at $1,030.00/32 levels, followed by $1,067.00 and higher respectively.
Trading recommendations:
Remain flat for now.
Good luck!
