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Technical outlook:
Gold is taking its time to complete the corrective drop from $1,557 levels earlier. The yellow metal is trading at around $1,463/64 levels at this point in writing and could be looking to drop further towards $1,415 before turning bullish again. Alternatively, a push above the counter trend line, which is passing through $1,500 levels for now, would confirm that a bottom is in place at $1,445 levels and that prices are ready to push higher towards $1,580/90 respectively. Immediate price resistance is at $1,520 and interim support is seen at the fibonacci 0.382 retracement at $1,445 levels respectively. Please note that the corrective drop from $1,557 might be taking shape of a double zigzag. In that case, we should witness one more drop below $1,445 to complete the structure. Corrections are usually complex and we need to exercise patience to deal with them. Buying on dips is a safe trading strategy here, since yet another high towards $1,580/90 remains probable before Gold reverses lower.
Trading plan:
Look to buy around $1,415/20, stop below $1,400, the target $1,580/90
Good luck!
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