Technical outlook and chart setups:
Gold is testing recent lows around the levels of $1,080.00 again before rallying towards the levels of $1,130.00/32.00. Please note that this could be a corrective relief rally for the yellow metal. It is likely to face resistance around $1,130.00/32.00 (trendline and fibonacci). It is hence recommended to remain long with risk at the levels of $1,070.00. Immediate support is seen at the levels of $1,075.00 followed by $1,052.00, $1,030.00, and lower, while resistance is seen at $1,105.00 (interim) followed by $1,130.00/32.00 (fibonacci), $1,175.00, and higher respectively.
Remain long for now, stop is at $1,070.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com