Technical outlook and chart setups:
Gold is trading around the levels of $1,184.00/85.00 at the moment after bouncing from $1,161.00/62.00 earlier. It seems that the metal has found support at fibonacci 0.618 levels of the rally between $1,142.00 and $1,232.00 respectively. A push above $1,197.00 and $1,200.00 would break the counter trend-line resistance as well, and put further confidence into the bullish setup. It is hence recommended to remain long for now with risk at the level of $1,150.00. Immediate support is seen at $1,143.00 and lower. Resistance is seen at $1,195.00 followed by $1,205.00 and higher respectively.
Remain long for now, stop is at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com