Technical outlook and chart setups:
Gold is trading around the levels of $1,066.00 right now drifting sideways in the channel shown in the chart. A drop to the levels of $1,052.00/55.00 should be watched for a bullish reaction. Bulls are expected to take control from there holding lows of $1,045.00. It is hence recommended to either remain long from earlier with risk below $1,045.00 or flat now. Immediate support is seen at $1,055.00 followed by $1,045.00 and lower, while resistance is seen at $1,080.00 and higher. Bears should remain in control at least until $1,052.00/55.00.
Trading recommendations:
Remain flat and look for an opportunity to re-enter longs around $1,052.00/55.00 on a bullish bounce.
Good luck!
