Technical outlook and chart setups:
Gold has remained locked in a tight range for the last 24 hours. The metal had bounced off $1,145.00/50.00 levels earlier, indicating that a further push higher remains a possibility. It still needs to clear through $1,180.00 levels, to confirm a $1,207.00 possibility on the higher side. It is recommended to remain long for now, with risk at $1,140.00. Resistance is $1,180.00 (interim), followed by $1,207.00 (fibonacci 0.618), $1,235.00 and higher, while support is seen at $1,145: (interim), followed by $1,130.00 and lower respectively. A break higher from $1,180.00 is required to confirm that bulls are going to stay in control for a while.
Trading recommendations:
Remain long, stop is at at $1,140.00, the target is at $1,207.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
