Technical outlook and chart setups:
Gold is again trading at the lower range at $1,215.00 levels. Furthermore, the metal has broken below the immediate line of support as seen here. A further dip from current levels could take it towards $1,170.00 levels before rallying further. On the flip side, a bullish reversal now could rally towards $1,255.00 levels before producing a meaningful correction. Immediate support is seen at $1,190./92.00 levels, followed by $1,142.00 and lower while resistance is seen at $1,235.00 (interim), followed by $1,255.00 and higher respectively.
Trading recommendations:
Remain flat for now. Look to initiate long positions around $1,170.00/$80.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
