Technical outlook and chart setups:
1. Gold retraced yesterday and possibly bottomed out at $1,234.00. A rally should push prices above $1,255.00 mark, towards the $1,267.00/70.00 region. Recommendations are to watch out for any bearish formations at $1,267.00 and initiate short positions.
2. Immediate resistance is at $1,267.00, while supports are spread through $1,234.00 (intermediary), followed by $1.220.00 and $1,182.00 respectively.
3. Structure reveals that Gold might be headed towards $1,267.00/70.00 before pulling back. A failure there could be encouraging for bears.
Trading recommendations:
Remain flat for now. Looking to initiate short positions at $1,267.00/70.00 levels.
Good luck!
