Gold hits fresh lows at 1,220.00. Awaiting reversal signal to go long
Technical outlook and chart setups:
A daily chart view is presented here highlighting the recent downswing and expected reversal at weekly congestion. Immediate chart resistance is at 1,420.00 level, followed by 1,475/80 and higher levels, while support is at 1,200/1,150 levels (as per weekly charts). At present, prices are consolidating near the weekly congestion of 1,200-1,230 price range. A bullish reversal here on a daily chart or 4H chart view, would instill confidence to go long again. Maximum possible downside is seen at 1,150 level as per weekly Fibonacci levels. Remain flat for now and await a clear buy signal.
Flat for now.
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