Technical outlook and chart setups:
Gold has pushed higher as expected and should continue moving further towards $1,125.00 and $1,136.00. The metal is correcting lower for now, and it is expected to take a bullish turn from $1099.00/$1100.00 or a bit lower from $1,092.00/93.00 respectively. Please also note that $1,093.00 is fibonacci 0.618 support of the rally between $1,082.00 and $1,110.00 as well. Besides, an immediate trend line support would be passing through the same levels.It is recommended to remain long from the earlier positions and look to add further on dips towards the $1,093.00 levels. Immediate support is seen at the $1093.00 levels, while resistance is seen at the $1,113.00 levels respectively.
Trading recommendations:
Remain long, look to add further at the $1,093.00 levels, stop at $1,080.00 now, target $1,125.00/36.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com