Technical outlook and chart setups:
Gold tested recent lows at $1,180.00 levels yet again. The metal is trading just around its base at $1,181.00 at the moment, looking to resume its rally. Please note that a break below $1,180.00 could test the level of $1,168.00 before bulls resume the rally. It is recommended to remain long for now and look to add at lower levels, 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 followed by $1,231.00, $1,235.00/40.00, and higher respectively.
Remain long and look to add further lower, stop is at $1,168.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com