Technical outlook and chart setups:
Gold has taken support from the $1,215.00 region yesterday. Please also note that the metal has bounced off the immediate trend line support as well. A push above $1,240.00 now, could bring the metal at $1,255.00 levels at least, on the flip side a break below the trend line support could test lower levels, before the rally resumes. Immediate support is seen at $1,215.00 (interim), followed by $1,190.00, $1,142.00 and lower while resistance is seen at $1,255.00 and higher up respectively. It is recommended to look to buy Gold on further dips towards $1,180.00 levels from here on.
Trading recommendations:
Remain flat for now, look to buy lower. Aggressive setup is to remain long, stop at $1,213.00, the target is at $1,255.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
