Technical outlook and chart setups:
Gold is trading around the level of $1,180.00 after hitting highs at $1,190.00 yesterday as expected. The metal had dropped towards $1,177.00 earlier during the day but was expected to resume its rally towards $1,205.00 and $1,211.00. Please note that bulls are expected to remain in control until prices stay above $1,171.00 at least. It is recommended to remain long with risk at $1,150.00 now. Immediate support is seen at $1,171.00 (interim) followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,205.00 followed by $1,215.00 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,150.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com