Technical outlook and chart setups:
Gold is seen to be trading higher at $1,244.00/45.00 levels at the moment, looking to push lower this week. The metal might print a high at $1,254.00/55.00 levels before reversing lower again. Please note that the yellow metal is testing its fibonacci 50% resistance of the drop between $1,283.00 and $1,207.00 levels for now. It is hence recommended to remain short from here and around $1,254.00 levels, with risk above $1,270.00 levels at least. Immediate support is seen at $1,230.00 levels, while resistance is seen around $1,260.00 levels respectively.The metal is expected to remain in control of bears till prices stay below $1,283.00 levels respectively.
Trading recommendations:
Remain short now and at $1,254.00 levels, stop at $1,283.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com