Technical outlook and chart setups:
Gold is trading around $1,197.00/98.00 now after having pulled back from $1,205.00. The metal is expected to rally up to at least $1,211.00/15.00 from here and head towards $1,225.00 subsequently. Bulls are poised to remain in control until prices stay above $1,171.00. It is hence recommended to remain long for now with risk at the level of $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 the level of $1,215.00 followed by $1,225.00 and higher respectively.
Remain long for now, stop is at $1,150.00 levels, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com