Technical outlook and chart setups:
Gold id trading around $1,074.00 levels for now, looking to drop lower and form bottom at $1,060.00 levels before reversing. The metal is expected to drop in a corrective manner (3 waves) and the bottom should be bought. Also note that $1,060.00 levels is the fibonacci 0.618 support of rally between $1,048.00 and $1,081.00 levels respectively. It is hence recommended to initiate fresh long positions around $1,060.00 levels, with risk at $1,043.00. Immediate support is seen at $1,067.00 levels, followed by $1,064.00 and lower while resistance is seen at $1,080.00 levels respectively.
Trading recommendations:
Initiate long positions at $1,060.00 stop at $1,043.00, target is open.
Good luck!
