Technical outlook and chart setups:
Gold had dropped below the $1,125.00 levels, taking out stops yesterday. But the yellow metal seems to have found support at the Fibonacci 0.786 level and trend-line convergence. The metal seems to be testing trend-line support again around the $1,118.00 levels for now, before staging a rally. Only a drop below $1,100.00 could delay matters further and bring bears back to the picture. It is still recommended to initiate long positions with risk at $1,100.00 for now. Immediate support is seen at the $1,100.00 levels, while immediate resistance is seen at the $1,140.00 levels.
Trading recommendations:
Initiate fresh long positions now, stop is at $1,100.00, target is $1,230.00.
Good luck!
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