Technical outlook and chart setups:
Gold had raised to $1,192.00 levels yesterday before retracing lower, but the rally is set to continue further. The metal has turned buy on dips for now till prices stay above $1,168.00 levels. Immediate resistance is seen at $1,215.00 levels, followed by $1,225.00, $1,235.00/40.00 and higher while support is seen at $1,168.00, followed by $1,162.00, $1,145.00 and lower respectively. It is recommended to remain long for now and also look to take fresh long positions on dips, with risk at $1,165.00 levels for now. Bulls seem to be in control, at least till prices stay above $1,168.00 levels from here on.
Remain long stop at $1,265.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com