Technical outlook and chart setups:
Gold is expected to form a gartley, before rallying to higher levels. The metal is seen trading around the $1,204.00/06.00 levels at the moment. A drop below $1,190.00 would suffice minimum requirement and optimum level for the next low would be $1,174.00 levels. As depicted here, a convergence is also seen at $1,172.00/74.00 levels, where the retracement (blue) and extension levels (red) of the respective swings. Immediate support is seen at $1,190.00 (interim), followed by $1,170.00, $1,142.00 and lower while resistance is seen at $1,215.00/20.00 levels, followed by $1,235.00, $1,255.00 and higher respectively. It is recommended to remain flat for now and look to buy lower from here.
Trading recommendations:
Looking to long around $1,175.00, stop $1,130.00, the target is at $1,255.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
