Technical outlook and chart setups:
Gold is trading at the level of $1,190.00 now, after having touched $1,195.00 on the higher side. Please note that the metal had bounced off from fibonacci 0.786 levels of the rally between $1,168.00 and trendline support through the level of $1,230.00. Bulls should be poised to remain in control until prices remain above trendline support for now. It is hence recommended to remain long for with risk below $1,168.00. Immediate support is seen at the level of $1,180.00 (interim) followed by $1,168.00 and lower. Resistance is seen at the level of $1,215.00 (interim) followed by $1,230.00, $1,235.00/40.00, and higher respectively.
Trading recommendations:
Remain long for now, stop at $1,165.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com