Technical outlook and chart setups:
Gold is seen to be trading at $1,245.00/46.00 levels at this moment, looking to complete a flat wave structure, before reversing lower again towards $1,223.00 and $1,207.00 levels respectively. Please also note that the fibonacci 0.618 level is seen at $1,253.80 levels, and that the metal could reverse lower from there as well as depicted here. The wave structure still remains mixed with the probability of a push lower through $1,200 and $1,190.00 subsequently. Only a break above $1,270.00 levels from here would indicate that a bottom is in place at $1,206.00/07.00 levels. It is recommended to remain short with risk above $1,270.00 levels. Immediate resistance is seen at $1,253.00 levels, while support is at $1,223.00/24.00 levels respectively.
Trading recommendations:
Remain short now, stop at $1,272.00, target is $1,190.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com