Technical outlook and chart setups:
1. Gold reverses from convergence of the following: i) Trend line resistance, ii) Fibonacci 0.618 resistance and iii) Support turned resistance at sub $1,280.00 levels. Recommendations are to remain short for now, risk remains at $1,300.00.
2. Support is at $1,245.00, followed by $1,240.00, $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 may break below $1,240.00 and subsequently $1,180.00 in the sessions to come.
Trading recommendations:
Remain short, stop at $1,300.00, target is open.
Good luck!
