Technical outlook and chart setups:
Gold is trading around $1,093.00 at the moment, after having rallied through $1,105.00 levels on Friday. Please note that the yellow metal is testing its 50-day moving average now, and has potential to move higher through $1,130.00/32.00 as discussed earlier. A corrective rally could take place until prices are above $1.075.00 broadly. It is therefore recommended to remain long for now with risk at $1,070.00. Immediate support is seen at $1,075.00 (interim) followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,132.00 (fibonacci) followed by $1,167.00, $1,175.00, and higher respectively.
Trading recommendations:
Remain long, stop is at $1,070.00, a target is $1,030.00/32.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
