Technical outlook and chart setups:
Gold has rallied from yesterday's lows and is seen to be trading at $1,232.00/33.00 levels at this moment. The yellow metal may be pulling back in a corrective manner to find resistance around $1,235.00/40.00 and reverse or unfold into an impulse wave to confirm that a bottom is in place at $1,227.00 level. It would take at least one more trading session for to confirm the wave probabilities. It is hence recommended to remain flat for now. Immediate support is seen at $1,205.00 level, while resistance is at $1,260.00 level respectively.
Trading recommendations:
Remain flat for now or aggressively long with stop at $1,200.00, a target is at $1,260.00 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com