Technical outlook and chart setups:
Gold has bounced off sharply after testing yesterday's low of $1,175.00 and is trading around the level of $1,188.00 at the moment. It seems that the metal has formed an intermediary base at $1,171.00/75.00 over the past few trading sessions and is looking to rally towards $1,205.00 and $1,211.00 in sessions to come. It is recommended to remain long with risk at $1,150.00. Immediate support is seen at $1,171.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,205.00 levels, followed by $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