Technical outlook and chart setups:
Gold is trading around $1,174.00 now. Ir calls for a push above at least $1,180.00 to confirm that a meaningful low is in place at $1,170.00. The metal has taken support of fibonacci 0.786 level of the rally between $1,160.00 and $1,205.00 respectively and there is still a high probability of bullish reversal. It is recommended to hold long positions with risk at $1,150.00. Immediate support is seen at $1,170.00 followed by $1,160.00, $1,143.00, and lower, while resistance is seen at $1,180.00 (interim) followed by $1,205.00 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