Technical outlook and chart setups:
Gold has dropped lower yet again today and is seen to be trading at $1,224.00/25.00 levels at this moment. Please note that the metal is at fibonacci 0.786 support of the rally between $1,207.00 through $1,303.00 level respectively. Moreover, a fibonacci convergence is also seen around $1,227.00/29.00 levels as depicted here. If the metal manages to hold this support and produce a bullish bounce, the next rally could push prices above $1,303.00 level. On the flip side a break towards $1,205.00 level would indicate that a deeper correction is on its way. It is recommended to remain cautiously long with risk below today's lows. Immediate support is seen at $1,220.00 level, while resistance is at $1,260.00 level respectively.
Trading recommendations:
Remain cautiously long, stop below $1,223.00, a target is open.
Good luck!
