Technical outlook and chart setups:
Gold is expected to get support around $1,220.00/25.00 region for now. Immediate major support is seen at $1.190.00, followed by $1,142, $1,130.00 and lower while resistance is seen at $1,255.00 and higher respectively. Bulls are looking poised to take out $1,255.00 resistance, provided price should stay above $1,200.00. It is recommended to remain flat for now, while an aggressive trade strategy could be to remain long, risk around 1,210.00. Once the $1,255.00 resistance is taken out, Gold is expected to produce a meaningful retracement.
Trading recommendations:
Remain flat for now.
Good luck!
