Technical outlook and chart setups:
1. Gold will remain subdued until prices stay below $1,250.00. It is recommended to remain short and sell within intraday rallies towards $1.210.00/20.00.
2. The resistance line remains intact as seen here and lower prices towards $1,150.00 is expected, or even further. Resistance begins from $1,210.00, and spread through $1,230.00, followed by $1,250.00 and higher, while support is at $1,180.00, followed by $1,160 and lower.
3. The structure reveals that Gold remains in a secular bearish trend since $1,920.00 and further downside is expected. Levels of interest are the $1,250.00, $1,100.00 and $1,030.00 (2008 resistance turned support now).
Trading recommendations:
Remain short and sell within intraday rallies towards $1,210.00/20.00, set stop at $1,250.00, target is at $1,150.00/60.00.
Good luck!
