Technical outlook and chart setups:
1. Gold has reached our expected levels around $1,219.00/20.00 and reversed, as depicted in a 4H chart here. It is recommended to initiate at least 50% short positions at $1,220.00 and the remaining around $1,227.00.
2. Resistance is spread through $1,220.00, followed by $1,227.00, $1,240.00/45.00, while support is spread through $1,200.00, followed by $1,186,00/80.00 respectively. A push below $1,180.00 would see prices falling towards $1,160.00 and lower.
3. The long-term view reveals that Gold could bottom around at least $1,160.00 before reversing the trend. Below $1,160.00, watch out for $1,030.00.
Trading recommendations:
Sell at $1,220.00/30.00, stop is at $1,250.00, target is at $1,160.00.
Good luck!
