Technical outlook and chart setups:
1. Gold is reacting at trend line resistance for now as expected around the $1,300.00/04.00 levels. A break above the trend line and subsequently $1,330.00 is required to confirm that the metal has turned bullish. Recommendations for now is to remain flat and await further evidence.
2. Support is at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, $1,388.00 and higher respectively.
3. The structure indicated that Gold needs to complete 2 steps to turn bullish for now. Break $1,330.00 and drop back towards the line of resistance.
Trading recommendations:
Remain flat for now.
Good luck!
