Technical outlook and chart setups:

Gold has been drifting in a corrective manner since reaching highs of $1,081.00/82.00 last week. The yellow metal is still expected to drop lower towards the level of $1,060.00 from here before it could receive any major support. The metal could bounce from $1,060.00 or drop further lower into the region around $1,050.00 before bouncing back. It is hence recommended to initiate fresh long positions around $1,060.00 with risk at $1,043.00. Immediate support is seen at $1,060.00 followed by $1,047.00, while resistance is see at $1,081.00/82.00 levels and higher.

Trading recommendations:

Look for an opportunity to buy around $1,060.00.

Good luck!