Technical outlook and chart setups:
1. Gold is stalling at $1,320.00 levels at the moment, which is the fibonacci 0.382 resistance of the recent fall from $1,388.00 levels. It is possible that the metal could drop to $1,290.00/$1,300.00 levels before resuming rally. The upside extensions remain at $1,350.00 for now.
2. Intermediary support is at $1,277.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is seen at $1,388.00 and higher respectively.
3. The structure indicates that Gold might pullback towards $1,300.00 levels from here before rallying further to $1,350.00.
Trading recommendations:
Exit longs for now. Look to buy again at lower levels.
Good luck!
