Technical outlook and chart setups:
Gold rose through $1,204.00 yesterday before pulling back sharply. The metal is trading around $1,188.00/89.00 now testingt he trend-line support and prepearing to rally through at least $1,215.00. It is hence recommended to remain long for now with risk at $1,168.00. Immediate support is seen at $1,180.00 (interim) followed by $1,168.00, $1,162.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.
Remain long for now, stop is at $1,168.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com