Technical outlook and chart setups:
1. Gold is probing the downtrend resistance line at the $1,260.00/65.00 levels. A push through $1,279.00 would take it further towards $1,290.00/95.00. It is recommended to hold short positions with risk at $1,282.50 for now.
2. Immediate support remains at $1,230.00, followed by $1,220.00/15.00, and lower, while resistance is at $1,279.00 (intermediary), followed by $1,290.00/95.00 respectively.
3. The structure remains unchanged for now. High probability is a dip towards $1,215.00/10.00 first, and then a rally higher. Break of $1,230.00 is vital for this to happen.
Trading recommendations:
Hold short positions, stop at $1,282.00, target at $1,210.00
Good luck!
