Technical outlook and chart setups:
Gold has inched higher towards the level of $1,227.00 after breaking out of sideways consolidation earlier. The metal could be looking to at least retrace lower for now, before resuming its rally. It is hence recommended to book profits on long positions taken earlier. Aggressive traders could look to initiate short positions at these levels with risk around $1,230.00. Immediate support is seen at $2,297.00 followed by $1,180.00, $1,170.00, and lower while resistance is seen at the levels of $1,235.00/45.00 followed by $1,285.00 and higher respectively.
Trading recommendations:
Book profits on long positions taken earlier. Initiate 50% short positions, stop at $1,230.50, a target is open.
Good luck!
