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Technical outlook and chart setups:
Gold looks to have formed intermediary bottom at $1,318.00 levels yesterday and is seen to be trading at $1,324.00 levels at this moment. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,310.00 levels, which is the wave a low within the triangle structure as depicted here. The wave structure continues to indicate that the metal seems to have terminated its wave c, within its triangle consolidations at $1,318.00 levels and should be looking to push higher. It is hence recommended to remain long, with risk below $1,310.00 levels. Immediate resistance is seen at $1,3555.00/56.00 levels, while support is seen at $1,310.00 levels. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.
Trading recommendations:
Remain long, stop below $1,310.00, target $1,358.00 and $1,390.00
Good luck!
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