Technical outlook and chart setups:
1. Gold has given its first signal of a potential retracement built up. Having reversed from $1,333.00, the metal is expected to retrace at least towards $1,270.00/75.00 region. It is recommended to initiate short positions around $1,227.00/28.00 today, risk remains at $1,235.00.
2. Immediate resistance is at $1,360.00, while supports are spread through $1,275.00/70.00 (past resistance turned support), followed by $1,220.00/30.00, $1,210.00 and $1,180.00 respectively.
3. The structure indicates that Gold could retrace lower towards $1,270.00 levels or towards the back side of the falling resistance line which is at $1,220.00/30.00 at present.
Trading recommendations:
Initiate short positions between $1,327.00/28.00, set stop at $1,335.00, target is at $1,270.00
Good luck!
