Technical outlook and chart setups:
Gold dropped lower towards intermediary support at the level of $1,190.00. The metal is expected to produce a bullish bounce from the current levels. Please note also that Fibonacci support is around $1,190.00. It is recommended to hold long positions with risk at $1,170.00 now. A break below $1,190.00 is likely to test $1,180.00 and lower levels before turning bullish again. Immediate support is seen at $1,178.00 followed by $1,162.00 and lower while resistance is seen at $1,1225.00 (interim), followed by $1,240.00, $1,285.00, and higher respectively.
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
