FX.co ★ Gold continues to drift lower. Initial target seen below 1324.00

Technical outlook and chart setups:

The metal continues to slide for now, targeting 1,330.00 and 1,310.00 as swing lows. Immediate resistance/high is at 1,415/20 levels, followed by 1,440/50, 1,480 and higher; while support is at 1,375.00, 1,340.00 and 1,324.00 respectively. It is recommended to hold short positions for now keeping risk at 1,420.00. Please also note, if 1,420.00 breaks down, then potential remains for a rally through 1,500/20 levels; though the probability for this remains low for now. It is currently trading at 1,380.00 levels, a break below 1,350/60.00 would further add selling pressures quickly through 1,300.00 level.

Trading recommendations:

Remain short, sell on rallies, stop is at 1,420.00, and target is at 1,319.00.

Good luck!