Technical outlook and chart setups:
1. Gold is seen to be re-testing the trend line resistance around the $1,278.00/80.00 levels for now. A break here and subsequently $1,300.00 would be extremely bullish for the metal. Recommendations for now is to remain short, risk remains at $1,300.00.
2. Support is seen at $1,240.00, followed by $1,230.00, $1,210.00 and lower, while resistance is around $1,285.00, followed by $1,300.00, $1,310.00 and higher respectively.
3. The structure indicates that Gold should remain bearish till prices stay below $1,300.00 levels.
Trading recommendations:
Remain short, stop at $1,300.00, target is open.
Good luck!
