Gold rebounds and gains some upside momentum, but outlook still bearish- short around 1092, targets around 1080/1075, SL 1100

Gold has rebounded after finding support at 1080 levels to trade around 1087 levels, erasing some earlier losses suffered in the previous European session. However, upside is set to be limited as the commodity finds strong resistance at 1090 levels as a result further fall towards downside can be expected sooner or latter. 

• The commodity is poised to breach the support level located at 1081 and fall further towards downside as the dollar is stronger across the board and further U.S interest rate hike expectations is set to put more pressure on the yellow metal .
   
• To the upside, the strong resistance can be seen 1092, a break above this level would expose the commodity towards 1099 levels.
   
• To the downside immediate support can be seen at 1080, a break below at this level will open the door towards 1074 levels.
  
  Recommendation: Go short around 1092, targets around 1080/1075, SL 1100
  
  Support levels: S1-1080, S2-1074, S3-1067
  
  Resistance levels: R1-1092, R2-1099, R3-1103