Technical outlook and chart setups:
Gold is trading around $1,180.00 levels for now and could test $1,175.00 lows before rallying further higher. As seen in the chart view here, bulls should be poised to remain in control till prices stay above $1,160.00 levels and push the metal through $1,207.00 levels at least. It is hence recommended to remain long for now and also add on dips, with risk at $1,150.00 levels. Immediate support is seen at $1,175.00 levels (interim), followed by $1,161.00, $1,143.00 and lower while resistance is seen at $1,205.00/06.00 levels, followed by $1,215.00, $1,230.00 and higher respectively.
Remain long for now, stop at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com