Technical outlook and chart setups:
Gold is trading around the levels of $1,070.00 and is looking for an opportunity to drop towards $1,057.00 before reversing again. As seen here, the yellow metal is drifting in a channel since last week and bouncing off the support and resistance levels respectively. The most probable wave count could be a drop in 3 waves before rallying back. It is hence recommended to take some profits on long positions and look for a way to add around the level of $1,057.00. Immediate support is seen at $1,064.00 followed by $1,057.00, while resistance is seen at $1,075.00 and higher.
Trading recommendations:
Initiate fresh long positions again around the level of $1,057.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com