Technical outlook and chart setups:
Gold is still a candidate to be sold on rallies until prices stay broadly below $1,200.00/30.00. The metal has reversed lower after stalling at $1,170.00 levels recently and prices are expected to move lower towards at least $1,030.00. It is hence recommended to remain short with risk around $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,080.00, and lower, while resistance is seen at $1,170.00 (interim) followed by $1,200.00, $1,230.00, and higher.
Trading recommendations:
Remain short for now, stop is at $1,180.00, a target is around $1,030.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com