Technical outlook and chart setups:
Gold is seen trading around the $1,100.00/01.00 levels at the moment after having tested recent lows at the $1,085.00/87.00 levels again yesterday. The metal might consolidate in this range for a while before breaking lower towards the $1.050.00/30.00 levels. It is hence recommended to remain flat for now and look to sell rallies through the $1,130.00/40.00 levels. Immediate support is seen at the $1,085.00 levels followed by $1,050.00, $1,030.00 (past resistance turned support) and lower, while resistance is seen at $1,130.00/40.00 (interim) 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