Technical outlook and chart setups:
Gold is pulling back for now, after hitting the resistance area at $1,207.00 earlier. The metal is seen to be trading at $1,188.00 for now, with support seen at $1,175.00 levels. Please, note that the metal is lying in the buy zone of the rising support/counter trend line. Therefore, a positive bias still remains ahead of $1,170.00/75.00 levels. Immediate support is at $1,175.00, followed by $1,145.00 and $1,130.00, while resistance is seen at $1,207.00 (interim), followed by $1,235.00, $1,250.00/55.00 and higher respectively. It is still recommended to remain long on the remaining positions held earlier and also look to add further, risk remains at $1,145.00. Bulls could regain control back till the price remains above $1,175.00 levels.
Trading recommendations:
Remain long for now, stop at $1,145.00, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
