Technical outlook and chart setups:
Gold seems to have bottomed out at $1,183.00 for now and preparing to rally towards $1,255.00 at least. A down side probability towards $1,170.00 (fibonacci 0.618 support) still cannot be ruled out though. It is recommended to remain long from yesterday, risk remains below $1,180.00. Immediate support is seen at $1,183.00 (interim), followed by $1,170.00, $1,140.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher up respectively. Bulls are to remain under control till prices stay above $1,140.00 levels.
Remain ling, stop below $1,180.00, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com