Technical outlook and chart setups:
Gold is trading at the levels of $1,255.00 this moment, and is likely to face resistance around $1,265.00/70.00. Please note that the yellow metal has been moving in a potential ending diagonal as depicted here. The structure indicates that a drop below $1,235.00 would confirm that the metal has formed a meaningful top and a deeper correction is underway. Please also note that the rally from $1,046.00 through $1,283.00 is also needed to correct lower, before resuming towards upside. It is hence recommended to remain short with risk seen above $1,283.00. Immediate resistance is seen at $1,283.00, while support is at $1,236.00. Bears are expected to remain in control until prices stay below $1,283.00 going forward.
Trading recommendations: Remain short with stop above $1,283.00, a target is at $1,190.00 at least. Good luck!
Gold is trading at the levels of $1,255.00 this moment, and is likely to face resistance around $1,265.00/70.00. Please note that the yellow metal has been moving in a potential ending diagonal as depicted here. The structure indicates that a drop below $1,235.00 would confirm that the metal has formed a meaningful top and a deeper correction is underway. Please also note that the rally from $1,046.00 through $1,283.00 is also needed to correct lower, before resuming towards upside. It is hence recommended to remain short with risk seen above $1,283.00. Immediate resistance is seen at $1,283.00, while support is at $1,236.00. Bears are expected to remain in control until prices stay below $1,283.00 going forward.
Trading recommendations: Remain short with stop above $1,283.00, a target is at $1,190.00 at least. Good luck!
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