Technical outlook and chart setups:
Gold remains steady since yesterday, trading in a very tight range between $1,242.00 and $1,247.00 levels as depicted on the hourly chart. It is probably looking to unfold a flat (wave 4), before dropping lower towards $1,220.00/25.00 levels. The metal may rally towards $1,250.00 levels from here, and then reverse sharply lower. It is recommended to go short around $1,250.00 levels, or even higher, with risk above $1,273.00 levels. Immediate resistance is below $1,260.00 levels, while support is seen at $1,240.00 levels respectively. The metal should be targeting $1,190.00 levels at least till prices remain below $1,270.00 levels respectively.
Trading recommendations:
Looking to short around $1,250.00 levels, stop at $1,273.00, target is $1,190.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com