Technical outlook and chart setups:
1. Gold has been drifting sideways between $1,241.00 and $1,249.00 levels since last few trading sessions. A probability remains for a pullback from current levels towards at least 1,275.00 levels before reversing. Recommendations are to still remain flat and wait for higher levels, to go short.
2. Support is at $1,240.00, followed by $1,230.00, $1,210.00 and lower while resistance is seen at $1,275.00/80.00, followed by $1,300.00, $1,310.00 and higher respectively.
3. The structure indicates that Gold could produce a counter trend rally through $1,275.00 levels before continuing to drift lower again. Only a break above $1,290.00 would turn the metal bullish again.
Trading recommendations:
Remain flat for now.
Good luck!
