Technical outlook and chart setups:
Gold is seen to be trading around the level of $1,204.00 at the moment and could be preparing to break higher. The metal seems to have a higher low around $1,182.00/83.00 already formed and bulls are likely to be poised to remain in control until prices stay above that level. It is recommended to remain long with risk at the level of $1,170.00 . Immediate support is seen at $1,183.00 (interim), followed by $1,178.00, $1,162.00, and lower while resistance is seen through $1,240.00/50.00 followed by $1,180.00 and higher respectively.
Trading recommendations:
Remain long, stop at $1,170.00, a target is open.
Good luck!
