Technical outlook and chart setups:
Gold has been seen trading around the $1,200.00/05.00 levels over a few days now. It is just a matter of time though before the metal resumes its uptrend. Please note that the metal has formed a higher low at $1,190.00 levels for now. Immediate support is seen at $1,170.00 levels followed by $1,030.00 levels and lower, while resistance is seen at $1,240.00, followed by $1,285.00, $1,307.00 and higher respectively. Bulls are expected to remain in control till the time prices stay above $1,170.00 levels. As projected here, upside target is around $1,400.00 in the coming weeks, for the yellow metal.
Trading recommendations:
Remain long, stop at $1,170.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
