Technical outlook and chart setups:
1. Gold rallies quickly into resistance at $1,260.00 in early trade today. Minimum measured level here is the $1,267.00/70.00 region. It is recommended to remain flat till then and plan to initiate short positions.
2. Resistance for now is at $1,267.00/70.00, followed by $1,295.00, while support is at $1,240.00, followed by $1,220.00 and lower respectively.
3. Structure reveals that Gold might have entered into a long term bull run. A break of $1,267.00 resistance would be an enough proof of it. Buy on dips thereafter.
Trading recommendations:
Flat for now. Looking to sell at $1,267.00.
Good luck!
