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Technical outlook and chart setups:
Gold had rallied through $1,343.00 level yesterday before pulling back. Please also note that the metal has reacted at fibonacci 0.786 resistance of its earlier drop between $1,352.00 through $1,306.00 levels. The metal is seen to be trading lower at $1,334.00 level for now, looking to form a lower top and reverse. The wave structure indicates that Gold might have completed its counter trend rally and the metal should resume its drop lower towards $1,300.00 level. This probability would confirm once it breaks below $1,330.00 level. Immediate resistance is seen at $1,345.00 level, while support is at $1,330.00 level respectively. It is hence recommended to remain short now with risk at $1,355.00 level.
Trading recommendations:
Book profits on long positions taken earlier. Aggressive trade setup is to go short, stop is above $1,355.00, a target is open.
Good luck!
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