Technical outlook and chart setups:
Gold had broken below the cone consolidation last week and dropped to print fresh lows at the $1,052.00 levels, beyond our expectations. The metal is trading close to its multi-year resistance turned into support area around $1,030.00 now. As depicted here, resistance is seen at the $1,080.00 levels and immediate support could be close to the $1,030.00 levels. It is hence recommended to remain flat for now as it is too late to go short and might be still early to enter buying. Bears are still in control for now until the $1,080.00 level remains intact.
Trading recommendations:
Remain flat for now.
Good luck!
