Technical outlook and chart setups:
The yellow metal regained lost ground after testing yesterday's lows around $1,133.00 levels, and is finally bouncing back. Gold is trading above around $1,138.00 levels now, looking to push higher towards $1,230.00 and higher levels in the coming weeks. Please note that the yellow metal has respected its fibonacci 0.618 support as depicted here and bouncing off. It is hence recommended to initiate fresh positions and hold existing longs with risk below $1,130.00 levels. Immediate support is seen at $1,130.00 levels, followed by $1,100.00 and lower while resistance is seen through $1,180.00 levels, followed by $1,190.00, $1,230.00 and higher respectively.
Trading recommendations:
Remain long for now, stop at $1,125.00, a target is at $1,230.00 and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com