Technical outlook and chart setups:
Gold has been stalling around $1,238.00/40.00 levels since last two trading sessions.It looks to retrace lower from here towards $1,210.00 levels before resuming rally towards $1,255.00 levels. It is recommended to remain flat and look for intraday dips to initiate long positions again. Immediate support is seen at $1,205.00/10.00, followed by $1,170.00, $1,143.00 and lower while resistance is seen at $1,255.00 and higher respectively. Please note that the metal is out in the buy zone of the sloping resistance trend line and $1,205.00 levels remain interim support for now.
Trading recommendations:
Remain flat for now, look to buy around $1,210.00 levels.
Good luck!
