Technical outlook and chart setups:
Gold is trading at the level of $1,187.00 for now, right at the trendline resistance. Furthermore, a bearish evening star candlestick pattern has appeared as well. A bearish reaction could drag the metal lower. It is recommended to take profits on long positions taken earlier and remain flat for now. Immediate support is seen at $1,180.00, followed by $1,160.00 and $1,140.00 while resistance is seen at $1,210.00, followed by $1,225.00 respectively. Bulls need to push through the level of $1,225.00 to remain in control from here on.
Trading recommendations:
Take profits from earlier long positions and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
