Technical outlook and chart setups:
1. Gold is pulling back towards $1,336.00/38.00 levels at the moment. Please note that these are intraday/interday resistance levels and recommendations are to initiate short positions there. Risk remains at $1,348.50.
2. Immediate resistance is at $1,361.00, followed by $1,375.00, while supports are spread through $1,307.00, $1,230.00/20.00, $1,210.00 and lower respectively.
3. The structure reveals that an intermediary top might have formed ahead of major resistance at $1,345.00 now. Implications are for a meaningful retracement towards $1,280.00/70 or lower.
Trading recommendations:
Initiate short positions between $1,336.00/38.00, set stop at $1,348.50, target is at $1,287.00.
Good luck!