Technical outlook and chart setups:
Gold is nearing its major support region around the $1,180.00/$1,200.00 levels. The metal has made fresh intraday lows at $1,208.00 today before bouncing back to $1,215.00 at the moment. The overall structure still reveals that bulls could regain control ahead of $1,200.00 levels. Furthermore, please note that $1,180.00 is major consolidation support area where bulls are expected to bounce back. Immediate resistance is seen at $1,240.00 levels, followed by $1,273.00/75.00, $1,296.00 and higher up while immediate support is around $1,200.00 followed by $1,180.00 levels respectively. It is recommended to wait for a reversal confirmation before, going aggressively long here.
Trading recommendations:
Remain flat for now. Looking to go long again.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
