Technical outlook and chart setups:
Gold is trading around $1,122.00/23.00 at the moment and might be looking for an opportunity to rally further, before continuing its drop below the levels of $1,075.00. The yellow metal could also re-test $1,170.00 before dropping. it is hence recommended to book profits on short positions taken earlier and remain flat for now. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,075.00, and lower, while resistance is seen at $1,170.00 followed by $1,200.00 and higher.
Trading recommendations:
Book profits on short positions taken earlier and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com