Technical outlook and chart setups:
Gold is trading around the levels of $1,183.00/84.00 at the moment after hitting interim highs of $1,190 yesterday. The metal could drop further low into $1,180.00 today before rallying towards $1,204.00 and $1,211.00 subsequently as depicted here. Please note that the metal has bounced off the fibonacci 0.618 support at $1,171.00/72.00 yesterday. It is therefore recommended to remain long now and also look to add further positions aroundthe level of $1,180.00 with risk at $1,150.00. Immediate support is seen at the level of $1,171.00 followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,205.00 followed by $1,215.00 and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,150.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com