FX.co ★ Gold Preparing To Retrace

Technical Outlook and Chart Setups:

Gold is still away from the 1800.00 resistance level, and the bulls would certainly want to take it off before retracing back. But a failure to break above Friday's highs would again bring back 1650/60 levels into considerations. We would suggest to watch out for a bearish reversal now and re-enter shorts again. 1728.00 levels is immediate support while Friday's highs will provide short-term resistance.

Trading Recommendations:

Flat for now. Preparing to re-enter short positions.

Good Luck!