Technical outlook and chart setups:
1. Gold broke the trading range and rallieds yesterday through $1,257.00 levels as seen here. A morning star bullish signal has produced, indicating further upside towards $1,270.00/75.00. Recommendations are to remain flat for now and look to sell around $1,275.00 levels on a bearish bounce.
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, followed by $1,300.00, $1,310.00 and higher respectively.
3. The structure indicates that Gold could rally further up towards $1,275.00/80.00 levels before reversing towards the larger down trend.
Trading recommendations:
Remain flat for now, look to sell higher.
Good luck!
