Technical outlook and chart setups:
Gold dropped lower to $1,175.00 on Friday before pulling back higher. The metal is seen to be trading around $1,182.00/83.00 for now. The hourly chart view has been depicted here, indicating interim support at $1,175.00 and lower, while resistance is seen at $1,198.00 followed by $1,204.00/08.00 and higher up respectively. If the metal drops below $1,175.00, it should test the levels of $1,171.00/73.00 at least, which is fibonacci 0.618 support of the rally between $1,140.00 and $1,224.00 respectively. A drop below $1,170.00 could prove to be extremely bearish though.
Trading recommendations:
Remain long, stop at $1,170.00, a target is open.
Good luck!
