Technical outlook and chart setups:
Gold rallied through the $1,140.00 levels last week before correcting lower. A further push higher may threaten its bearish setup and push it higher towards the $1,200.00 levels. The metal is posed to pull back towards at least the $1,125.00 levels for now before rallying further. It is hence recommended to exit short positions around the $1,125.00 levels and initiate long positions with risk at the $1,110.00 levels. Immediate support is seen at the $1,110.00 levels followed by $1,080.00 and lower, while resistance is seen at the $1,150.00 levels (interim) followed by $1,170.00 and higher, respectively.
Trading recommendations:
Exit short positions at the $1,125.00 levels, and turn bullish.
Good luck!
