Technical outlook and chart setups:
1. Gold is finally seen to be reversing after printing highs at $1,330.00 levels last week. The downfall should accelerate towards at least $1,290.00/80.00 levels if not lower. Recommendations are to remain short for now.
2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00, $1,230.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold is headed lower for now before reversing.
Trading recommendations:
Remain short, stop at $1,340.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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