FX.co ★ Gold Technical Analysis for October 26, 2016.

Technical outlook and chart setups:

Gold has rallied and print yet another high at $1,276.00/77.00 levels as seen here. The metal is trading at $1,271.00 levels for now and should be looking to push higher towards $1,280.00/1300.00 levels from here. A corrective drop towards $1,266.00 levels is possible, though before pushing higher. Please note that the metal should push through the past support turned resistance zone around $1,304.00 levels as discussed yesterday. The wave structure also indicates that the counter trend rally that began from $1,241.00 levels is expected to terminate around $1,304.00/10.00 levels. It is recommended to remain flat now and look to sell around $1,300.00/10.00 levels again, while aggressive traders should remain long with risk below $1,260.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support is at $1,260.00 levels respectively.

Trading recommendations:

Aggressive traders remain long now with stop at $1,260.00 levels, targeting $1,310.00. Conservative trade setup is to go short at higher levels.

Good luck!