Technical outlook and chart setups:
1. Gold has produced a bullish morning star candlestick pattern around $1,240.00 levels as seen here. The metal could bounce from current levels towards the $1,270.00/80.00 levels from here on. A push above $1,300.00 could prove to be extremely bullish for the metal and confirm that bulls are to remain in control.
2. Support is at $1,240.00, followed by $1,230.00, $1,210.00 and lower while resistance is at $1,300.00, followed by $1,310.00, $1,330.00 and higher respectively.
3. The structure indicates that Gold resistance is seen at $1,270.00/80.00 levels for now. Only a sustained break above $1,300.00 would be bullish for the metal.
Trading recommendations:
Remain flat for now.
Good luck!
