Technical outlook and chart setups:
Gold is trading around the level of $1,190.00 at the moment after pulling back from $1,195.00 on the higher side. Please note that the metal has already tested the trend-line support twice earlier and also bounced from the fibonacci 0.786 level of the rally between $1,168.00 and $1,231.00. It is hence recommended to remain long now with risk around $1,168.00. Immediate support is seen at the level of $1,180.00 (interim) followed by $1,168.00, $1,162.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,168.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com