Technical outlook and chart setups:
Gold has dropped towards $1,195.00 levels after hitting intraday highs at $1,223.50 levels yesterday. The metal has still declining in a corrective manner and it is expected to resume rally from current levels to the $1,240.00 and $1,276 levels subsequently. The recent drop towards $1,195.00 levels could be the last one before rallying higher as depicted here on the 4H chart view. Bulls are expected to be back in control till prices remain above $1,190.00 levels. It is hence recommended to remain long, with risk at $1,170.00 levels. Immediate support is seen at $1,190.00 (interim), followed by $1,170.00 while resistance is seen at $1,230.00/40.00 levels, followed by $1,276.00 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
