FX.co ★ Gold is consolidating between 1,220/40 levels. Remain flat for now.

Technical outlook and chart setups:

The metal is almost unchanged since last trading session and is confined between 1,220/40 levels. It is still recommended to remain flat for now and watch for further clarification. Immediate resistance is the 1,258/60 region, followed by 1,275/80, 1,325.00 and higher up; while supports are spread through 1,210.00 and 1,180.00 levels respectively. As seen here, the channel line is being followed well till now and any rallies towards 1,275.00 levels shall be met with strong resistance. We would like to go short on the channel line resistance or go long at lower levels around 1,150/30.

Trading recommendations:

Flat for now

Good luck!