Technical outlook and chart setups:
1. An 8H view has been presented for Gold for a closer view of the current wave structure. The metal bounced of $1,240.00 levels earlier and is seen to be moving towards $1,278.00/$1,280.00 levels at the moment. Please note that $1,278.00 is the 0.618 fibonacci retracement of the fall between $1,300.00 and $1,240.00. A bearish reaction could be expected at those levels.
2. Support is seen at $1,240.00 levels, followed by $1,230.00, $1,210.00 and lower, while resistance is seen at $1,280.00, followed by $1,300.00, $1,330.00 and higher respectively.
3. The structure indicates that Gold is heading towards $1,278.00/80.00 levels before bears can take control again.
Trading recommendations:
Remain flat for now, look to go short around $1,280.00 levels.
Good luck!
