Technical outlook and chart setups:
Gold is seen to be trading at the levels of $1,204.00 for now, after hitting $1,209.00 earlier. The metal is expected to pull back lower from the current levels before the rally resumes. It is recommended to take profits from the long positions initiated earlier. Now aggressive trade setup is to initiate short positions with risk above the levels of $1,220.00. Bears might take control from here for a while before bulls are back again. Immediate interim support is seen at $1,778.00 followed by $1,162.00 and lower while resistance is seen at the levels of $1,223.00, respectively.
Trading recommendations:
Take profit from long positions. Initiate 50% short positions now. Stop is at $1,220.00, target is $1,165.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
