Technical outlook and chart setups:
Gold has dropped to the $1,105.00 levels today before bouncing back. Please note that the metal has tested an interim trend-line support and bounced higher. The metal started producing a bullish morning star candlestick pattern on the H4 chart . It is still recommended to hold long positions from the $1,120.00 levels with risk around 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 (interim) followed by $1,170.00 and higher.
Trading recommendations:
Remain long for now, stop is at $1,095.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com