Technical outlook and chart setups:
Gold has retraced lower from recent highs and is trading around the level of $1,177.00 at the moment. Please note that the metal has bounced off the fibonacci 0.786 support off the rally between $1,160 and $1,205 earlier and bulls should be poised to push it higher towards the level of $1,225.00 until prices stay above $1,165.00. It is therefore recommended to remain long with risk around $1,150.00. Immediate support is seen at $1,160.00 followed by $1,143.00 and lower. Resistance is seen at $1,205.00 followed by $1,225.00 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