Technical outlook and chart setups:
Gold is seen pushing ahead of $1,225.00 levels for now. The metal reversed from $1,205.00 levels last week and could be poised to rally towards $1,238.00 levels from here. A pullback is due either from current levels or from $1,238.00. It is recommended to remain flat for now and let the pair retrace, before initiating long positions again. Immediate support is seen at $1,205.00 levels, followed by $1,170.00, $1,143.00 and lower while resistance is seen at $1,238.00/40, followed by $1,255.00 and higher respectively. Bulls would remain in control till prices stay above $1,170.00 levels.
Trading recommendations:
Remain flat for now and wait for a dip before going long again.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
