FX.co ★ Gold consolidates in cone format before breaking out. 1,350 remains resistance

Technical outlook and chart setups:

The metal has been locked into consolidation since last few trading sessions. A break above 1,340 level again, would be bullish, while a break below 1,325.00 has got the potential to bring down prices to 1,250/70 levels. Immediate support is at 1,270, followed by 1,210.00 and lower; while resistance is at 1,400.00 level as depicted here. It is recommended to remain short against 1,350.00 for now. On the flip side, a push through the 1,380.00 region would confirm a trend reversal towards bullish side on the long-term basis and would shift our focus to go long on dips again.

Trading recommendations:

Remain short, stop is at 1,351.50, and target is 1,250/60.

Good luck!