Technical outlook and chart setups:
Gold is trading around $1,155.00/56.00 at the moment, looking for an opportunity to break through the levels of $1,175.00 and $1,190.00 subsequently as depicted here. Bulls are expected to remain in control untill prices stay above $1,147.00. The metal would confirm a meaningful bottom formation around $1,147.00 once initial resistance is taken out at $1,175.00. It is hence recommended to remain long for now with risk at $1,143.00. Immediate support is seen at $1,147.00 levels (interim), followed by $1,143.00 and lower while resistance is seen at $1,175.00 followed by $1,190.00 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,143.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com