Technical outlook and chart setups:
Gold is trading around the level of $1,177.00 now after dropping lower to $1,170.00 on Tuesday. The metal has formed a bullish morning star pattern as seen on the H4 chart. Bulls should remain poised to resume rally from current levels to fresh swing highs at $1,225.00 and higher respectively. It is recommended to remain long and look for an opportunity to add further positions at current levels. Risk remains at $1,150.00. Immediate support is seen at $1,170.00 (interim) followed by $1,162.00, $1,150.00, and lower. Resistance is seen at $1,215.00 (interim) 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