Technical outlook and chart setups:
Gold still remains subdued within the $1,195.00/1,200.00 levels. The metal is now expected to stay above $1,183.50 levels and push higher above $1,255.00 in the coming sessions. Bulls should remain in control unutill prices remain above $1,150.00 levels. Immediate support is seen at $1,183.50 (interim), followed by $1,170.00, $1,140.00 and $1,130.00 while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively. It is, hence, recommended to remain long for now, risk remains below $1,150.00. On the flip side, a break below $1,140.00 would delay the bullish scenario and bring bears into picture again.
Trading recommendations:
Remain long for now, stop below $1,150.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
