Technical outlook and chart setups:
Gold is trading around the level of $1,054.00 now after having dropped lower towards $1,046.00 earlier. The metal might be willing to gain support at the level of $1,030.00, the multi year resistance turned support on the weekly charts discussed earlier. It is hence recommended to remain flat for now and watch out for further evidence. Immediate interim support is seen at $1,046.00 followed by $1,030.00 and lower, while resistance is seen at $1,075.00 followed by $1,088.00 and higher. A breakout of $1,075.00 would be required to turn bullish again.
Trading recommendations:
Remain flat for now.
Good luck!
