Technical outlook and chart setups:
Gold dropped to $1,205.00 yesterday. The metal is seen to be trading at the level of $1,208.00 and should be looking to rally until $1,225.00 iat least. It is recommended to initiate long positions with risk at $1,201.00 to take advantage of the counter-trend rally. Immediate support is seen at $1,205.00 followed by $1,195.00/96.00, $1,180.00, and lower, while resistance is seen at $1,235.00/40 and higher respectively.
Initiate long positions now, stop at $1,201.00, a target $1,225.00