Technical outlook and chart setups:
Gold is testing its consolidation support line around $1,068.00/69.00 now. A bullish bounce now can rally and break past the resistance line of the cone, which is passing through $1,075.00 at the moment. On the flip side, a breakout below $1,063.00 could bring down prices to $1,030.00 and lower. It is recommended to remain long from yesterday, with risk at $1,063.00. Immediate support is seen at the level of $1,067.00 followed by $1,064.00, while resistance is seen through the level of $1,080.00, followed by $1,090.00, $1,098.00, and higher. A breakout would be powerful, which ever side it takes.
Trading recommendations:
Remain long with stop at $1063.00, a target is open.
Good luck!
