Technical outlook and chart setups:
Gold is trading around $1,162.00 at the moment calling for a push through the level of $1,175.00. Please note that the metal has potentially formed a double bottom around $1,143.00/45.00. The push through $1,175.00 and subsequently $1,190.00 would instil more confidence in the bullish structure. The daily chart is still producing a morning star candlestick pattern and it is hence recommended to remain flat for now. Immediate support is seen at $1,146.00 (interim) followed by $1,143.00 and lower while resistance is seen at $1,175.00 and higher respectively.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com