FX.co ★ Gold drops to the 1,320.00 level, breaking the line of support

Technical outlook and chart setups:

As depicted here in the daily chart, Gold has fallen below the lines of support by now. It is going to face resistance at the 1,350/65 levels, going forward, hence it is recommended to exit long positions if it reverses from 1,350/65 which is support turned resistance at the moment. But the current setup still does not confirm a reversal; a move back up to the buy zone of the trendline shall keep the existing setup intact. Intermediary resistance begins from 1,350/65, followed by 1,410/15 and 1,440; while support begins from 1,270, followed by 1,210 and 1,180.00. A test at the back side of rising trendline and reversal would warrant initiating short positions, for now, stay long.

Trading recommendations:

Remain long, set a stop at 1,270.

Good luck!