Technical outlook and chart setups:
Gold prices lost almost $70.00 compared to its February 11 high of $1,263.00. The metal is trading at the level of $1,196.00 now after hitting interim lows at $1,190.00 during today's early trading hours. Please note that the yellow metal has turned from Fibonacci 38% support of the rally between $1,070.00 and $1,263.00 as well. It is hence recommended to turn bullish now with risk just below $1,190.00. The metal is expected to rally through at least $1,235.00/40.00 before turning lower again. Immediate interim support is seen at $1,190.00, while resistance is seen at $1,263.00. A corrective rally might be materializing now.
Trading recommendations:
Remain long now with stop below $1,190.00, a target is at $1,235.00. Then look for an opportunity to turn lower again.
Good luck!
