Technical outlook and chart setups:
Gold is seen to be trading around $1,193.00 at the moment after printing lows around $1,183.50 yesterday. The metal bounced back sharply from the lows and regained the $1,190.00 region soon enough. It is hence recommended to hold long positions with risk below $1,170.00. Bulls seem to be poised to push higher from the current levels until prices remain above $1,178.00 at least. Immediate support is seen at $1,178.00 (interim), followed by $1,162.00, $1,140.00, and lower while resistance is seen at $1,240.00/50, followed by $1,280.00 and higher respectively.
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
