FX.co ★ Gold might be forming intermediary support at 1,290.00

Technical outlook and chart setups:

The metal is virtually unchanged since last 2-3 sessions and is moving in a tight range 1,320/30 region. A push above 1,330.00 would confirm that the metal would want to retest the backside of support line, which is acting as resistance now into 1,400 level. On the flip side, a break of 1,290.00 level would confirm that a meaningful top is formed at 1,440.00 and a subsequently at 1,370/80. In the latter scenario, our trading strategy would change to selling on rallies. For now, it is recommended to remain long with risk just below 1,270.00.

Trading recommendations:

Remain long, stop is below 1,270.00, and target is at 1,405/10.

Good luck!