Technical outlook and chart setups:
Gold has pushed higher through $1,125.00 levels as seen here, which is also its fibonacci 50% resistance as depicted here. The metal could still push towards $1,130.00/32.00 levels before reversing lower. Please note that $1,100 levels could provide initial support (resistance turned support trend line). It is hence recommended to remain flat for now and prepare to sell around $1,130.00/32.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00/95.00, $1,075.00, $1,052.00 and lower while resistance is seen at $1,130.00/32.00 levels (fibonacci), followed by $1,167.00, $1,175.00 and higher respectively.
Trading recommendations:
Remain flat for now. Look to sell at $1,130.00/32.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com