Technical outlook and chart setups:

1. Gold has hit past our measured extension of $1,267.00/70.00 as seen here. At the moment it is trading at $1,270.00/71.00 after printing highs at $1,276.00 in the early hours today. Recommendations are to initiate short positions at current level, risk remains at $1,281.00/82.00.

2. Immediate resistance is now at $1,294.00 level, while supports are spread through $1,230.00/31.00, followed by $1,220.00 and lower respectively.

3. The structure indicates that a meaningful low is now in place at $1,182.00/80.00 levels on December 31, 2013. Expect a pullback towards the $1,215.00 region before the next bull run resumes.

Trading recommendations:

Sell at the current levels, stop is at $1,281.00/82.00, target is at $1,215.00.

Good luck!