Technical outlook and chart setups:
1. Gold has printed yet another low around $1,240.00 levels yesterday before pulling back. The metal is poised to continue drifting lower and a break of $1,240.00 and $1,230.00 could be extremely bearish. Recommendations are to remain flat for now and watch for a reaction at current levels.
2. Support is seen at $1,240.00, followed by $1,230.00, $1,210.00 and lower while resistance is seen at $1,300.00, followed by $1,330.00 and higher up respectively.
3. The structure indicates that Gold could produce a bullish reaction at current levels indicating at least a pullback before continuing lower. $1,240.00/30.00 remains levels to watch.
Trading recommendations:
Remain flat for now.
Good luck!
