Technical outlook and chart setups:
The metal continues its slide downwards towards the swing lows at 1,180.00 levels as discussed yesterday. The structure reveals that high probability is towards printing fresh lows towards 1,130/50 levels at least before a possible reversal. It is recommended to sell intraday rallies with a downside target of 1,130/50 levels in near term. As depicted here, Gold has formed a downward sloping channel line and it would continue sliding further till the channel line breaks on the north side. Immediate short-term resistance is at 1,250/55 levels, followed by 1,350 and 1,440 levels; while support is at 1,210.00 and 1,180.00 respectively.
Trading recommendations:
Sell intraday rallies, risk at 1,255.00, target 1,130/50.
Good luck!
