Technical outlook and chart setups:
1. Gold is trading around $1,255.00 levels for now and a push higher could take it towards $1,270.00/80 region at least if not higher up. Please note that past support turned resistance and trend line are seen to be converging around $1,270.00 levels. Bears could potentially take control again at those levels.
2. Support is seen at $1,240.00, followed bu $1,230.00, $1,210.00 and lower, while resistance is seen at $1,270.00/80, followed by $1,300.00, $1,310.00/30.00 and higher up respectively.
3. The structure indicates that Gold would turn bullish only if prices break $1,300.00 and $1,310.00/30 resistance levels as seen here.
Trading recommendations:
Remain flat. Aggressive setup is to remain long, stop below $1,240.00, target is open.
Good luck!
