Technical outlook and chart setups:
Gold has resumed rally as expected last week, and is just about to hit the first estimated target at $1,225.00 levels. As seen here on the 4H chart, the metal is expected to reach $1,245.00/46.00 levels in the coming sessions. It is more clear that $1,190.00 has been formed as a higher low and a potential right shoulder of an inverted head and shoulder reversal discussed last week. It is hence recommended to remain long and also look to add further on dips, with risk at $1,170.00 levels for now. Immediate support (interim) is seen at $1,190.00 levels, followed by $1,170.00 and lower while resistance is seen at $1,225.00, followed by $1,235.00/45.00, $1,285.00 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
