Technical outlook and chart setups:
Gold is trading around the level of $1,056.00 now after today's drop to the level of $1,047.00. The metal has tested the previous low, but managed to hold it well bouncing back. The wave structure might indicate a meaningful bottom in place at $1,045.00, and that the next big move can come on the higher side in the form of an extended corrective rally. It is hence recommended to go long now with risk below $1,045.00. Immediate support is seen at $1,045.00, while resistance is seen at $1,080.00.
Trading recommendations:
Turn bullish now with stop at $1,043.00, a target is open.
Good luck!
