Technical outlook and chart setups:

1. Gold might be ready to resume its counter trend t=rally towards $1,350.00 region that we have been expecting since several days now. Short term charts are pointing towards going long (more risky though) with risk at $1,280.00. A more conservative approach would be to stay aside for now and look to sell higher up. The entire counter trend shall possibly unfold in 3 waves.

2. Immediate resistance is $1,350.00 region (also the back side of trend line), followed by $1,388.00, while supports are seen at $1,280.00, followed by $1,234.00/40.00 and lower respectively.

3. The entire structure indicates that Gold should produce a 3 wave corrective fall/retracement towards $1,250.00/60 before the next bull run resumes.

Trading recommendations:

Short entries are at $1,350.00, stop is at $1,388.00, target is at $1,250.00

Good luck!