Technical outlook and chart setups:
Gold is seen to be trading higher at $1,338.00 levels after printing fresh lows at $1,331.00 levels earlier. Please note that the yellow still looks to be constructive for bulls to regain control, till prices stay above $1,330.00 levels. The wave structure continues to indicate that the metal seems to have terminated its wave 4 triangle consolidations at $1,331.00 levels. It is hence recommended to remain long, 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, stop below $1,330.00, target $1,368.00 and $1,390.00
Good luck!
