Technical outlook and chart setups:
Gold had broken below $1,250.00 levels on Friday taking immediate stops out at $1,245.00. As seen here, the metal remains very well supported around the $1,220.00/30.00 levels. Also note that the metal is stalling at past resistance turned support region and a fibonacci confluence as depicted here. It is recommended to still initiate long positions here, with risk below $1,200.00 mark. Looking into the larger picture, Gold should be heading towards $1,400.00/10.00 levels in the coming sessions, provided prices remain above $1,170.00 levels. Immediate support is seen at $1,220.00 levels while resistance is seen at $1,307.00 (interim).
Trading recommendations:
Initiate long positions now ($1,238.00/39.00), stop at $1,190.00, the target is $1,400.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
