Technical outlook and chart setups:
1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat.
2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction.
Trading recommendations:
Exit longs. Remain flat for now.
Good luck!
