Technical outlook and chart setups:
Gold is seen to be trading at $1,194.00/95.00 and is preparing to resume its rally towards fresh swing highs. The metal is producing a bullish tweezer bottom candlestick pattern on the 4-hour chart view indicating a potential reversal. Immediate support is seen at $1,180.00 followed by $1,160.00, $1,140.00, and lower, while resistance is seen at $1,230.00/40.00 followed by $1,280.00/85.00 and higher respectively.
Trading recommendation:
Initiate long positions now, stop at $1,170.00, a target is open.
Good luck!
