Technical outlook and chart setups:
1. Gold is stalling ahead of $1,331.00 levels, which is also the fibonacci 0.618 level of the fall between $1,388.00 to $1,340.00. The metal could at least retrace lower to test the back side of resistance turned support line as shown here.
2. Support is seen at $1,260.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold could retrace lower from current levels or after testing $1,331.00 levels.
Trading recommendations:
Remain short, stop around $1,245.00, target is open.
Good luck!
