Technical outlook and chart setups:
1. Gold is seen to be stalling ahead of resistance at $1,330.00 levels. Please note that it is also the 0.618 fibonacci resistance as shown here. There is high probability of a bearish reversal from here on, at least towards the back side of resistance line.
2. Support is seen at $1,260.00, followed by $1,240.00, $1,230 and lower, while resistance is seen at $1,330.00, followed by $1,350.00/60 and higher up respectively.
3. The structure indicates that Gold needs to correct lower at least towards resistance turned support line before rallying further.
Trading recommendations:
Gold remains buy on dips for now.
Good luck!
