Technical outlook and chart setups:
Gold has printed yet another low at $1,312.00/13.00 levels as expected and discussed earlier. The yellow metal is seen to be trading at $1,316.00/17.00 levels for now, looking to produce a counter trend rally towards $1,330.00/31.00 levels before resuming lower again. The wave structure also indicates that the metal has unfolded into 5 waves from $1,352.00 through $1,313.00 levels and is expected to produce a 3 wave corrective rally. Please not that fibonacci 0.618 resistance is also passing through $1,332.00 levels as depicted here and a bearish reaction is expected if prices manage to reach there. It is recommended to take profits on short positions now and wait for opportunities to go short at higher levels. Immediate resistance is now seen at $1,340.00/43.00 levels, while support is at $1,306.00 levels respectively.
Trading recommendations:
Please book profits on short positions taken earlier.
Good luck!
