Technical outlook and chart setups:
Gold is trading around $1,227.00 levels for now which are around 0.382 fibonacci support, of the rally between $1,183.00 and $1,255.00. The metal could pullback towards $1,242.00 levels before dipping further into $1,210.00 region. Support is seen at $1,208.00/10, followed by $1,183.00 and lower while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher respectively. It is recommended to cover short positions if taken last week and wait for a rally higher. The optimum level to go long is around $1,208.00/10.00 levels. Either way, a push above $1,255.00 levels could further see $1,300.00 at least on the higher side.
Trading recommendations:
Cover short positions taken earlier, remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
