Technical outlook and chart setups:

1. The yellow metal raised through $1,300.00/02.00 levels yesterday before pulling back sharply. Please note that yet again, the metal tested resistance line as seen here around $1,302.00 before drifting lower towards $1,290.00. The lower boundary support is around $1,288.00 at the moment and a bounce can be expected if prices manage to reach there. Recommendations are to remain long with risk below $1,280.00.

2. Support is seen at $1,280, followed by $1,270.00, $1,230.00/40.00 and lower, while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.

3. The structure indicates that Gold will continue to trade within the consolidation till it breaks out on either side (above $1,3105.00 or below $1,280.00).

Trading recommendations:

Remain long for now, stop at below $1,280.00, target is open.

Good luck!