Technical outlook and chart setups:
Gold is trading at $1,235.00/26.00 now after pulling back from $1,242.00 today. The metal has completed the second wave of its potential flat correction at $1,254.00. The metal should be looking for an opportunity to push lower just around $1,190.00 and further to complete wave 3 correction. Hence, it is recommended to remain short with risk above $1,255.00. Immediate resistance is seen at $1,255.00, while support is at $1,220.00. Please note that bears are expected to remain in control until prices stay below $1,255.00, going forward.
Trading recommendations:
Remain short now with stop at $1,256.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com