Technical outlook and chart setups:
Gold is now trading higher around the level of $1,274.00. It is expected to turn lower until prices remain below $1,279.00 levels. However, a move above the levels of $1,279.00 would push prices towards $1,320.00. A breakout below $1,250.00 would confirm that a meaningful top is in place and a deeper correction can be expected. It is hence recommended to remain short with risk at $1.282.00/83.00. Immediate resistance is seen at $1,279.00, while support is found at $1,250.00.
Trading recommendations:
Remain short with stop at $1,283.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com