Technical outlook and chart setups:
Gold is trading around $1,168.00 now, looking for an opportunity to move towads at least $1,185.00. Please note that the metal has touched fibonacci 0.50 retracement level as a result of a drop from $1,188.00 through $1,156.00. Bulls need to push prices higher through the level of $1,185.00 to remain in control, while a drop below $1,155.00 would be extremely bearish. It is recommended to remain long for now with risk at $1,150.00. Immediate support is seen at $1,155.00 followed by $1,143.00 and lower. Resistance is seen at $1,185.00/88.00 followed by $1,205.00 and higher respectively.
Remain ling for now, stop is at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com