Technical outlook and chart setups:
Gold dropped to the level of $1,150.00 yesterday before pulling back higher again. It looks like the metal formed an up Gartley. Now, we expected it to rally towards $1,175.00 and higher respectively. If bulls remain in control, prices should stay above $1,150.00 and subsequently $1,145.00. It is hence recommended to initiate 50% long positions now, with risk at the level of $1,143.00. Immediate support is seen at $1,145.00/46.00 followed by $1,140.00/43.00 and lower. Resistance is seen at the levels of $1,175.00 and higher respectively.
Initiate 50% long positions now, stop is at $1,143.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com