Technical outlook and chart setups:
1. Gold is again trading lower, backed off from $1,304.00/05.00 levels yesterday. The metal could find support again around the $1,290.00/91.00 levels as seen here. A break below the consolidation line as shown here, could be extremely bearish though. Recommendations are to remain flat for now.
2. Support is seen at $1,280.00/70, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,310.00, followed by $1,330.00, $1,350.00, $1,388.00 and higher respectively.
3. The structure indicates that Gold needs to break below $1,270.00/80.00 or above $1,330.00 to confirm further direction for now.
Trading recommendations:
Remain flat OR trade the range.
Good luck!
