Technical outlook and chart setups:

1. Gold has produced a bullish engulfing candlestick chart pattern by bouncing off the trend line support around $1,280.00 levels as seen here. This indicates that bulls are in control for now and dips could be bought till prices are above $1,280.00 levels.Minimum upside target seen from here is the $1,330.00 levels. Recommendations are to remain long for now, risk remains below $1,270.00.

2. Support is seen at $1,270.00 levels, followed by $1,230.00/40.00 and lower while resistance is at $,330.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold should take out at least $1,330.00 levels to confirm bulls are going to remain in control. On the flip side, a break below $1,270.00 would be extremely bearish for the metal.

Trading recommendations:

Remain long, stop below $1,270.00, target is open.

Good luck!