Technical outlook and chart setups:
Gold has moved in line with our expectations and finally bounced off the Fibonacci 0.618 support of the rally between the $1,100.00 and $1,155.00 levels, at $1,120.00 respectively. The yellow metal should be poised to extend the rally through the $1,200.00 and $1,230.00 levels in the coming trading sessions. It is hence recommended to remain long for now with risk at the $1,100.00 levels. Immediate support is seen at the $1,100.00 levels followed by $1,090.00, $1,075.00 and lower while resistance is seen at the $1,155.00 levels followed by $1,170.00 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,100.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com