Technical outlook and chart setups:
Gold has rallied from $1,130 to $1,180.00 levels, as expected. It is recommended to take profit on long positions taken on Friday, at the current levels ($1,172.00). The metal had paused at fibonacci 0.382 resistance for now and can possibly print a new high (just by a few points), before pulling back to retrace. Resistance is seen at $1,208.00, followed by $1,235.00, $1,250.00 while support is seen at $1,130.00 respectively. It remains possible that the current rally could extend above $1,250.00 but at the moment it is too early to confirm. Looking for a pullback around $1,150.00 levels to again initiate long positions.
Trading recommendations:
Exit long positions. Re-enter around $1,150.00, stop at $1,125.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
