Technical outlook and chart setups:
An hourly chart setup has been depicted here for a short time analysis. Gold is seen to be trading in a sideways cone consolidation since forming lows at the level of $1,147.00 last week. The metal needs to break out of a cone structure, to confirm and indicate the direction of next leg. It is recommended to hold long positions for now, with risk at $1,130.00 level. Immediate support is seen at the level of $1,145.00 followed by $1,130.00, while resistance is seen at $1,175.00 followed by $1,207.00 and higher respectively.
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
