Technical outlook and chart setups:
Gold has retraced back to the level of $1,062.00/65.00 after reaching fresh lows at $1,046.00 earlier. The yellow metal faced resistance at $1,075.00, and until the resistance holds good, bears are expected to gain control and push prices lower towards $1,030.00 and subsequently towards $999.00. It is hence recommended to initiate 50% short positions now with risk at $1,078.00. Immediate support is seen at $1.046.00 followed by $1,030.00 while resistance is lined up to $1,075.00 followed by $1,088.00 and higher.
Initiate 50% short positions now with stop at $1,078.00, a target is open.