Technical outlook and chart setups:
Gold rose through $1,120.00/22.00 yesterday as we had expected and discussed earlier. The yellow metal should remained poised to move through higher levels of $1,125.00 and $1,136.00 before turning lower again. Indicators reveal that the metal could retrace to $1,110.00 in the short term before hitting fresh highs in the area around $1,136.00. It is hence recommended to take profits on all long positions and remain flat looking for an opportunity to enter at lower levels again. Immediate support is seen at $1,110.00, while resistance is seen at $1,125.00/36.00.
Trading recommendations:
Take profits on long positions. Remain flat for now.
Good luck!
