Technical outlook and chart setups:
Gold is seen to be trading at the levels of $1,204.00/05.00 for now and is likely to be pushed higher towards $1,240.00/50 in the coming sessions. Immediate intermediary support is seen at $1,192.00 followed by $1,178.00, $1,162.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,285.00, and higher respectively. It is recommended to remain long for now, with risk below $1,170.00. Bulls should be poised to push at higher levels untill prices stay above $1,170.00 from here on.
Trading recommendations:
Remain long for now, stop at $1,170.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
