Technical outlook and chart setups:
Gold is retracing after printing intraday highs around the $1,175.00/77.00 levels. No doubt, that the yellow metal still has enough room to push through the $1,200.00 levels and even higher, but a correction is due to take place before further extension. It is hence recommended to fix full profits on long positions taken earlier, and wait for a dip to materialize before re-entering. Immediate support is seen at the $1,150.00 levels followed by $1,130.00, $1,100.00 and lower, while resistance is seen at the $1,200.00 levels followed by $1,230.00 and higher.
Trading recommendations:
Fix full profits on long positions and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com