Technical outlook and chart setups:
Gold is seen to be trading at $1,338.00/39.00 levels at this moment, looking to push higher. Please note that the metal broke out of the tight consolidation range and hit highs at $1,345.00 levels. The yellow metal is seen to be in its last leg rally towards $1,350.00/60.00 levels. The wave structure also indicates that the drop from $1,375.00 through $1,310.00 levels is impulse (5 waves) and a 3 wave counter trend rally has also followed through. Bulls would want to remain in control till about $1,350.00 levels going forward and it is also possible that a meaningful top is in place at $1,345.00. It is hence recommended to exit long for now and plan to sell on rallies. Immediate support is seen at $1,333.00 levels, while resistance is at $1,350.00 levels respectively.
Trading recommendations:
Exit long positions now and look to short between $1,340.00/50.00 levels.
Good luck!
