Technical outlook and chart setups:
Gold is seen to be trading at $1,250.00 levels at the moment after hitting intraday highs at $1,270.00 levels yesterday. Please note that the metal remains in control of bears till prices stay below $1,283.00 levels. Intraday rallies through $1,255.00/60.00 levels would again face resistance. It is hence recommended to still remain short with risk at $1,275.00 levels. Immediate resistance is seen at $1,272.00 levels, while support is at $1,243.00 levels respectively. Please note that the yellow metal should be poised to complete a flat wave structure by forming the base around $1,190.00 levels before turning bullish again.
Trading recommendations:
Remain short now, stop at $1,275.00, target is $1,190.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com