Technical outlook and chart setups:
Gold is testing the trend line support at the sublevels of $1,200.00 and is expected to bounce back higher. The metal has made a higher low at the levels of $1,197.00/98.00 yesterday indicating that the uptrend is set to resume. As discussed earlier, please note that the metal is bouncing back from the trend line, and the Fibonacci support levels around $1,200.00, which could be the next major support for rallying higher. It is highly recommended to remain long for now and also to add further positions, risk remains at $1,170.00. Immediate support is seen at the levels of $1,170.00 followed by $1,030.00 and lower, while resistance is seen at the levels of $1,245.00 (interim) followed by $1,307.00 and higher.
Trading recommendations:
Remain long for now. Stop is at $1,170.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
