Technical outlook and chart setups:
Gold had stopped us out at $1,170.00 levels on Friday before reversing. The metal has bounced off $1,169.00 levels as seen here, which is also the fibonacci 0.618 retracement of the rally between $1,144.00 and $1,225.00 levels respectively. It is recommended to initiate long positions again, with risk at $1,165.00 levels. Immediate support is seen at $1,162.00 levels, followed by $1,144.00 and lower while resistance is seen at $1,215.00 levels, followed by $1,225.00, $1,235.00/45.00 and higher respectively.
Initiate long positions again, stop at $1,165.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com