Technical outlook and chart setups:
Gold dropped lower and is looking to form bottom ahead of the level at $1,178.00. As seen here, the metal is trading around Fibonacci 0.618 support of the rally from$1,180.00 to $1,223.00 and could be bounced back higher. Bulls are poised to regain control untill prices stay above the level of $1,178.00 at least. Immediate support is seen at $1,178.00 followed by $1,160.00, $1,143.00, and lower, while resistance is seen at $1,250.00 followed by $1,285.00 and higher respectively.
Trading recommendations:
Remain long, stop below $1,170.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
