Technical outlook and chart setups:
Gold is trading around the levels of $1,104.00/05.00 now looking for an opportunity to test $1,113.00. The metal is likely to seek a push through $1,125.00 and $1,136.00 subsequently until bulls keep prices above the trend-line support. The metal has been bouncing off the Fibonacci and trend-line supports as depicted on the H4 chart. It is hence recommended to remain long for now with risk at $1,080.00. Immediate support is seen at $1,092.00 followed by $1,082.00 and lower, while resistance is seen at $1,13.00 and higher.
Trading recommendations:
Remain long with stop at $1,090.00, a target is at $1,125.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com