Technical outlook and chart setups:
Gold is still consolidating in a cone type formation, and is trading at $1,239.00 levels for now. The metal could be preparing for a break down towards $1,190.00 and lower levels from here. It looks to have completed 5 wave already (shown as arrows on chart), and the metal should be on its way towards $1,210.00 and $1,190.00 levels subsequently. It is hence recommended to remain short with risk at $1,255.00 levels. Immediate resistance is seen at $1,248.00 levels while support is at $1,225.00 levels respectively. Only a break above $1,255.00 and further would nullify the recent bearish view. In any cast, the metal would remain buy on dips, going forward.
Trading recommendations:
Remain short now, stop at $1,255.00, a target is $1,190.00.
Good luck!
