Technical outlook and chart setups:
Gold dropped to a fresh intermediary level at $1,143.00 before pulling back sharply towards $1,160.00 again. The yellow metal is expected to remain under control of bulls untill prices stay above the level of $1,130.00. It is hence recommended to remain long with risk below $1,130.00 for now. A drop below this support would bring the price to the level of $1,030.00 before resuming the uptrend. Immediate support is seen at $1,130.00 while resistance is seen at $1,170.00. A push above the level of $1,190.00 would confirm that the bottom is in place for the next leg to resume higher.
Trading recommendations:
Remain long, stop below $1,130.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
