Technical outlook and chart setups:
Gold formed a bullish morning star candlestick pattern on the daily chart view yesterday, after having bounced off the $1,161.00/62.00 earlier. Please note that the metal has breached its resistance trendline on the H4 chart looking to pull back before pushing higher towards $1,197.00. It is recommended to remain long now with risk at $1,150.00. Immediate support is seen at the level of $1,175.00 (interim) followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,197.00 followed by $1,205.00, $1,215.00, 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