FX.co ★ Gold Technical Analysis for August 12, 2016.

Technical Outlook and chart setups:

Gold had dropped lower towards $1,335.00 levels yesterday as expected and discussed earlier. The metal looks to be in a triangle consolidation structure as depicted on the 4H chart view here. Looking into the structure here, the metal should turn into bullish territory above $1,355.00 levels provided $1,330.00 levels hold well. The structure might be in its last leg down and looking to turn bullish again. The metal might produce a rally towards $1,350.00 levels from here and a push above $1,355.00 would confirm that bulls are back in control. It is hence recommended to book profits on short positions taken earlier and turn bullish now with risk below $1,330.00 levels. Immediate support is seen at $1,330.00 levels, while resistance is at $1,367.00 levels respectively.

Trading recommendations:

Book profits on short positions and turn bullish now, stop below $1,330.00, target is open.

Good luck!