Technical outlook and chart setups:
Gold is trading around $1,097.00 after bouncing off a low of $1,092.00 yesterday. The metal is poised to rally from current levels until prices remain above $1,080.00 at least. Please also note that the metal bounced off the Fibonacci 0.618 support of a rally between $1,082.00 and $1,109.00. It is hence recommended to remain long for now with risk at the level of $1,080.00. Immediate support is seen at $1,082.00 followed by $1,070.00 and lower, while resistance is seen at $1,113.00 and higher. If the above-wave count is true, gold should move higher through at least $1,125.00.
Trading recommendations:
Remain long with stop at $1,080.00, a target is seen at $1,125.00.
Good luck!
