Technical outlook and chart setups:
Gold seems to have made a meaningful low at $1122.00 level now and is just about to continue higher through $1,165.00/70.00 levels from here. The metal is trading lower towards $1,149.00 levels for now and should find support at $1,147.00/48.00 levels before turning bullish again. Please note that $1,147.00 is also fibonacci 0.382 support of the rally between $1,125.00 and $1,163.00 levels respectively. Furthermore, please note that a push through $1,165.00 level would complete an impulse (5 waves) rally from $1,122.00, which confirms that the metal has formed a strong reliable bottom there. Immediate recommendations are to remain long from current levels with risk below $1,140.00 level. Immediate support is seen at $1,148.00 levels while resistance is at $1,165.00 levels respectively.
Trading recommendations:
Remain long, stop below $1,140.00, a target is $1,165.00/70.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com