Gold resumed the bullish bias, however the upside move is starting to lose steam and thus price may enter a phase of sideways trading. Despite that the ongoing bullish wave is still intact, and thus the bullish correctional scenario may extend, but we prefer to be neutral and look for further confirmation, through breaking 1270.00 level, or 1224.00 to the downside.
Support: 1248.00, 1240.00, 1233.00, 1225.00, 1210.00
Resistance: 1260.00, 1270.00, 1290.00, 1300.00, 1310.00
Recommendation Based on the charts and explanations above, we prefer to long gold above 1233.00 targeting 1265.00 and 1300.00. Stop loss with four-hour closing below 1224.00