Gold has declined to trade around 1073 levels, giving up last week gains, However moves were range bound in thin liquidity in a holiday shortened weekend. The yellow metal is poised to rebound towards higher level as the commodity faces strong support at 1064 towards downside.
- To the upside, the strong resistance can be seen 1073, a break above this level would expose the commodity towards 1076 levels.
- To the downside immediate support can be seen at 1066, a break below at this level will open the door towards 1064 levels.
Recommendation: Go long around 1064, targets around 1073/1078, SL 1060
Support levels: S1-1066, S2-1064, S3-1060
Resistance levels: R1-1068, R2-1071, R3-1073
