Technical outlook and chart setups:
Gold remains unchanged for now. It is trading around $1,168.00 after dropping from $1,174.00 yesterday. The metal has been testing the immediate resistance trendline but still needs to be pusedh above $1,175.00 to re-enter the buy zone. A drop below $1,155.00 would prove to be extremely bearish. It is recommended to remain long for now with risk below $1,150.00. Immediate support is seen at the level of $1,155.00 followed by $1,143.00 and lower, while resistance is seen at the levels of $1,185.00/87.00 followed by $1,205.00 and higher respectively.
Remain long for now, stop is at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com