Technical outlook and chart setups:
1. Gold has been drifting lower without producing a meaningful retracement as expected. An 8H chart view shows that resistance area is between $1,340.00/50.00 at the moment. If Gold rallies through the back side of the rising trend line, it is recommended to initiate short positions towards $1,250.00/60.00.
2. Immediate resistance is at $1,340.00/50.00, followed by $1,388.00, while supports are spread through $1,230.00/40.00, followed by $1,180.00 respectively.
3. The structure reveals that Gold bottom is seen at $1,250.00/60.00 for now. Counter trend rallies towards $1,340.00/50.00 are opportunities to go short.
Trading recommendations:
1. Sell between $1,340.00/50.00, stop $1,388.00, target $1,250.00.
2. Buy $1,250.00/55.00, with stop at $1,200.00, target new high.
Good luck!
