Technical outlook and chart setups:
Gold has dropped to the $1,125.00 levels today, as expected, before pulling back higher. The metal seems to be falling in a corrective manner and could push towards the $1,150.00 resistance soon. Bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long as suggested from the $1,125.00 levels with risk at $1,100.00. Immediate support is seen at the $1,115.00 levels followed by $1,100.00, $1,090.00 and lower, while resistance is seen at the $1,150.00 levels followed by $1,170.00 and higher, respectively.
Trading recommendations:
Remain long from the $1,125.00 levels, stop is at $1,100.00, target is open.
Good luck!
