Technical outlook and chart setups:
Gold has made yet another high around $1,160.00 today. The metal is facing resistance at the intermediary trend line as depicted on the chart. A bearish reaction here could push the metal lower and also resume a larger down trend. Please also note that Fibonacci 0.786 resistance is also passing through $1,159.00 as seen here. A bearish reaction here could trigger a drop towards at least $1,140.00, which is back-side resistance turned support of one-year trend line. Major resistance is seen at $1,191.00, while immediate support is found at $1,152.00.
Trading recommendations:
Remain flat for now and wait for further confirmations.
Good luck!
