Technical Outlook and chart setups:
1. Gold is seen to be forming bottom around $1,285.00/90.00 levels at the moment. A counter trend rally need to materialize towards $1,350.00 levels atleast. Please note that the trend line resistance is also around the same region. It is recommended to initiate short positions around $1,350.00 levels, risk remains at $1,388.00 for now.
2. Immediate resistance is around the $1,350.00/60.00 region, followed by $1,388.00 while supports are spread through $1,230.00/40.00, followed by $1,210.00 and lower respectively.
3. The wave structure indicates, that Gold should be correcting in 3 steps towards $1,250.00/60.00 levels. Rallies towards $1,350.00 should be sold for now.
Trading recommendations:
Initiate short positions at $1,350.00, set stop at $1,388.00, target is at $1,260.00
Good luck!
