Technical outlook and chart setups:
Gold has met the minimum criteria and rallied into $1.207.00 levels before pulling back. The metal needs to break below $1,175.00 mark to confirm that a meaningful lower top has been made at $1,207.00 levels. Bulls, seem to be determined to hold prices above $1,190.00 levels for now and push it even higher. A break above $1,208.00 levels, could see the metal rising up to $1,235.00 and $1,255.00 levels as well. It is recommended to hold remaining long positions for now, risk remains at $1,1750.00. Support is seen at $1,175.00, followed by $1,145.00, $1,130.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively.
Trading recommendations:
Hold long positions, stop at $1,175.00, the target is up to $1,255.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
