Technical outlook and chart setups:
Gold is seen to be trading at $1,232.00/33.00 levels for now, looking to drop lower towards $1,190.00 levels before turning bullish again. The yellow metal was stuck in a range lately and needs to find a clear direction. As depicted on the 4H chart, the yellow metal is seen to be breaking below its counter trend support line, which should accelerate and push prices lower towards $1,223.00 and subsequently below $1,206.00 levels. It is recommended to remain short for now, with risk above $1,270.00 levels. Immediate support is seen at $1,223.00 levels while resistance is at $1,270.00 levels respectively.
Trading recommendations:
Remain short, stop at $1,271.00, target is $1,190.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com