Technical outlook and chart setups:
Gold has been trading in a tight range since last 2 sessions as seen here. The metal trades around $1,198.00/99.00 levels for now, looking to push higher. A break above $1,208.00/10.00 levels could challenge $1,235.00 and subsequently $1,255.00; indicating that bulls are here to stay longer. On the flip side, a bearish reaction around $1,208.00/10.00 could bring the metal back under pressure. Immediate support is seen at $1,175.00, followed by $1,147.00/50.00, $1,130.00 and lower while resistance is at $1,235.00, followed by $1,255.00 and higher respectively.
Trading recommendations:
Hold partial long positions taken earlier, stop at break even, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
