Technical outlook and chart setups:
Gold had dropped lower towards its 50-day moving average as seen here, before bouncing back higher again to $1,115.00/17.00 levels. The yellow metal is expected to push higher at least towards $1,130.00/35.00 levels if not higher. It is recommended to initiate long positions with risk at $1,100.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00, $1,070.00 and lower, while resistance is seen at $1,130.00/35.00 (fibonacci 0.618), followed by $1,167.00, $1,175.00 and higher respectively.
Remain/initiate long positions, stop at $1,100.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com