Technical outlook and chart setups:
Gold continues to trade in a range, as discussed earlier. The support region is around $1,200.00/06.00 while resistance is around $1,230.00/40.00 respectively. The metal needs to break out of the current range to decide further direction for now. Higher probability is to break on the north side and push towards at least $1,260.00/70.00 levels before reversing. On the flip side a break of $1,200.00 would prove extremely bearish and the metal could fall towards $1030.00/50.00 levels before turning higher again. It is recommended to remain flat for now and await for a break out of the trading range.
Trading recommendations:
Remain flat for now.
Good luck!
