Technical outlook and chart setups:
Gold has produced an indecision candle on the daily chart yesterday, indicating a potential reversal. The metal is trading at $1,167.00/68.00 levels for now, and a push through $1,190.00 levels today would confirm that a potential bottom is in place. The weekly structure indicates that $1,154.00 levels is fibonacci support and the metal could test it before reversing the trend. Resistance begins from the $1,197.00 levels, followed by $1,220.00, $1,235.00/55.00 and higher while support is at $1,154.00/50.00 respectively. $1,255.00 resistance needs to be taken out to confirm that Gold has reversed. It is recommended to remain flat for now and watch out for a bullish reversal signal.
Trading recommendations:
Remain flat for now. Awaiting bullish reversal.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
