Technical outlook and chart setups:
Gold is testing recent lows of $1,165.00/66.00 at the moment. Please note that a break below $1,165.00 would warrant a test of $1,160 and subsequently $1,143.00 threatening the bullish scenario here. It is recommended to remain long with risk at $1,150.00 but restrain yourself from taking fresh long positions now. Immediate support is seen at $1,165.00 (interim) followed by $1,160.00, $1,143.00, and lower while resistance is seen at $1,180.00 followed by $1,205.00 and higher respectively.
Remain long with stop is at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com