Technical outlook and chart setups:
Gold bounced off the trend-line support around $1,105.00 last week, as expected. The metal is trading around $1,138.00/40.00 now, looking for an opportunity to move higher. The yellow metal could retrace lower towards $1,118.00/20.00 before resuming its recent rally. Hence, remain long and look for an opportunity to add further around $1,120.00. Immediate support is seen at $1,105.00 followed by $1,100.00, $1,090.00, and lower respectively, while resistance is seen at $1,155.00 (interim) followed by $1,170.00 and higher respectively.
Trading recommendations:
Remain long and look for an opportunity to add around $1,180.00/20.00, stop is at $1,090.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com