Technical outlook and chart setups:
Gold retraced lower towards $1,183.00 yesterday before pulling back higher. The metal is trading around $1,187.00 at the moment looking to rally towards fresh highs in the sessions to come. We expect the price to reach the level of $1,215.00 maximum and $1,225.00 subsequently. Bulls are poised to remain in control until prices stay above $1,171.00. It is hence recommended to hold long positions and also look to add further at current levels 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 $1,215.00 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