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Technical outlook:
Gold has managed to push through fresh highs around $1,688/89 levels today above the expected resistance zone around $1,650 as highlighted here. It remain to be seen is that the level is sustainable or the yellow metal produces a sharp reversal ahead. Please note that the metal has drop from $1,689 and is currently seen to be trading around $1,673/74 levels. On the shorter time frames, immediate support is seen through $1,660 and a break below that could be the first sign of a potential bearish reversal. We would refrain from buying at this point and rather wait for a break below $1,660 to prepare selling on rallies. Looking at the overall structure on the Weekly chart (not shown here), Gold might have complete or is near to completing a corrective rally that began in December 2015 since $1,046 lows. Please wait for a bearish confirmation to initiate shorts but we are preparing to sell on rallies as a major trade setup.
Trading plan:
Remain flat for now. Be ready to sell.
Good luck!
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