Technical outlook and chart setups:
Gold is seen to be heading lower towards $1,142.00/43.00 lows, created in March 2015 after having taken off $1,150.00 levels yesterday. As depicted on the daily chart here, a trendline support is passing through the current levels and bulls would have some reason to cheer up only if there is a trendline bounce. It is hence recommended to remain flat for now and wait for a reversal. A break below $1,142.00 levels, would challenge $1,130.00 and lower levels. Please note that the next major support would be seen around $1,050/30.00 levels after that. Immediate support for now remains at $1,142.00 followed by $1,130.00, while resistance is seen at $1,175.00 and higher respectively. Bulls should be determined to hold trendline support to regain control.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com