Technical outlook and chart setups:
1. Gold is still searching for a support and bottom formation around the current levels of $1,260.00. The metal needs to react at these levels to confirm a bullish reversal, which is still lacking. It is recommended to remain flat for now and wait for a confirmation before initiating long positions.
2. Support is seen at $1,240.00 and lower levels, while resistance is seen at $1,296.00, followed by $1,325.00, $1,340.00, and higher respectively.
3. The structure indicates that Gold needs to produce/react at the current levels to confirm a bullish reversal.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
