Technical outlook and chart setups:
Gold has reached our minimum expectations on Friday at $1,207.00 levels, before pulling back. The metal is currently trading around $1,200.00 mark. It is recommended to book at least partial profits on long positions taken earlier and move risk to break even on the remaining. Please note that the metal has stalled at a 0.618 resistance for now and a bearish reversal here, could take it below $1,130.00 levels. On the flip side, a push above $1,208.00, is likely to test $1,235.00 and $1,250.00 levels on the higher side. Immediate support is seen at $1,175.00, followed by $1,140.00 and $1,130.00 while resistance is seen at $1,235.00, followed by $1,250.00/55.00 and higher respectively.
Trading recommendations:
Book partial profits on long positions taken earlier, move stop to $1,170.00 or break even levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
