Technical outlook and chart setups:
Gold is still trading within the confined range between $1,080.00 and $1,095.00 levels respectively for now. The metal is trading just above its 50-day moving average line for now and could finally break above its trading range if prices remain above the $1,090.00 levels. It is hence recommended to remain long for now, with risk at $1,070.00 levels. Immediate support is seen at $1,075.00 levels (interim), followed by $1,052.00, $1,030.00 and lower, while resistance is seen at $1,105.00 levels, followed by $1,132.00 levels (fibonacci), $1,167.00 and higher respectively.
Remain long for now, stop at $1,070.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com