Technical outlook and chart setups:
Gold is seen to be trading at $1,347.00 levels at the moment, looking to stage a rally from here towards $1,368.00 levels at least. Looking into the wave structure, the metal seems to have terminated its wave 4 triangle consolidation at $1,336.00 levels earlier. The metal should remain in control of bulls till prices stay above $1,336.00 and broadly above $1,330.00 levels respectively. It is hence recommended to remain long now, with risk below $1,330.00 levels. Immediate resistance is seen at $1,3555.00/56.00 levels, while support is seen at $1,330.00 levels. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.
Trading recommendations:
Remain long now, stop below $1,330.00, target $1,368.00 and $1,390.00
Good luck!
