Technical outlook and chart setups:
Yesterday, Gold made a low at the level of $1,155.00 before pulling back sharply towards the level of $1,170.00. The metal has produced a doji on the daily chart as seen here and this indicates a potential reversal of the current price trend. Please note that the yellow metal is still holding back side of the trend line that is support for now. It is still recommended to remain long with risk at $1,130.00 level. Immediate support is seen at $1,145.00 level followed by $1,130.00 and lower, while resistance is seen at $1,220.00/25.00 levels, followed by $1,285.00, $1,307.00, and higher respectively. Bulls are expected to regain control back till prices remain above the level of $1,130.00.
Trading recommendations:
Remain long, stop at $1,130.00 target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
