Technical outlook and chart setups:
Gold has rallied and taken out initial resistance around $1,205.00 as seen on the H4 chart. The metal is expected to push higher towards at least $1,211.00 and take out next resistance around $1,215.00. Bulls are likely to remain in control until prices remain above $1,171.00. It is therefore recommended to remain long and keep booking small profits at estimated short-term targets, risk remains at $1,150.00 levels. Immediate support is seen at $1,175.00/71.00 followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,215.00 followed by $1,231.00 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