Technical outlook and chart setups:
1. Gold remains in control of bulls till it remains above $1,277.00 level for now. Prices are retracing at the moment and expected to resume rally towards at least $1,350.00/60.00 levels, if not higher. Recommendations are to remain long for now, risk remains at $1,275.00.
2. Support is at $1,277.00 (intermediary), followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330 (temporary), followed by $1,350.00/60.00, $1,388.00 respectively.
3. The structure indicates that gold rally could resume any time till prices stay above $1,277.00. Buying on dips remains the trade strategy for now.
Trading recommendations:
Remain long, stop at $1,275.00, target is open.
Good luck!