Technical outlook and chart setups:
Gold is trading at $1,182.00 afer pulling back from its yesterday's lows at $1,175.00. Please note that the metal has tested the resistance turned support trendline and bounced back higher, indicating a bullish potential from here on. Bulls should be poised to take out $1,205.00 during the sessions to come. It is recommended to remain long now with risk at $1,150.00. Immediate support is seen at $1,170.00 levels (interim), followed by $1,160.00, $1,143.00, and lower. Resistance is seen at $1,197.00 (interim) 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