Technical outlook and chart setups:
Gold is trading around $1,174.00/75.00 now after having formed lows at $1,162.00/63.00 earlier. The metal has found support at fibonacci 0.786 support of a rally between $1,143.00 and $1,232.00. Short-term charts are indicating a potential bounce higher, but bulls need to clear at least the level of $1,95.00 to confirm a bullish turn around. It is recommended to remain long for now, with risk around $1,160.00. Immediate support is seen at the level of $1,162.00 followed by $1,143.00 and lower. Resistance is seen at $1,195.00 (interim) followed by $1,215.00, $1,231.00, and higher respectively.
Remain long for now, stop is at $1,160.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com