Technical outlook and chart setups:
Gold might be forming a counter trend structure here and needs to drop towards the level of $1,160.00 before resuming rally. Please note that the drop could just be a quick one before bulls are back in control. Area of interest is around the back side of the resistance line which is support now. It is recommended to remain short for now with risk at $1,220.00. Immediate support is seen at $1,178.00 (interim) followed by $1,160.00, $1,140.00 and lower while resistance is seen at $1,220.00.23.00 and higher respectively.
Trading recommendations:
Remain short, stop at $1,220.00, target at $1,160.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
