Technical outlook and chart setups:
Gold had raised through $1,220.00 levels as expected and discussed before pulling back again. The metal remained shy of taking out $1,225.00 resistance yesterday, but is still expected to do so today. A 4H snapshot depicted here clearly indicates that the metal has broken out of immediate trend line resistance and is now expected to rally past $1,246.00 levels in the sessions to come by. A break above the larger trend line resistance would confirm that a bottom is in place at $1,190.00 levels. It is recommended to remain long for now, risk remains at $1,170.00 levels. Immediate support is seen at $1,190.00 levels while resistance is seen at $1,225.00, followed by $1,235.00/40.00 and higher respectively.
Trading recommendations:
Remain long, stop at $1,170.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
