Technical outlook and chart setups:
Gold is trading around the level $1,106.00 at the moment, looking for an opportunity to get higher towards at least $1,130.00/40.00. Please note that $1,130.00/40.00 is the past support turned resistance and also the fibonacci 0.382 resistance of a drop between $1,205.00 and $1,187.00 respectively. It is hence recommended to remain flat now and look to enter short around $1,130.00/40.00. Immediate support is seen at $1,087.00 (interim), followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,130.00/40.00 followed by $1,175.00 and higher respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com