Technical outlook and chart setups:
Gold is trading around $1,188.00 now, confined in a cone type trading range. The metal needs to push above $1,200.00 or below $1,180.00 to break out of the trading range and decide upon further direction. It is recommended to remain long for now, with risk below the level of $1,165.00. Immediate support is seen at $1,168.00 (interim) followed by $1,162.00, $1,142.00, and lower, while resistance is seen at $1,200.00 followed by $1,225.00, $1,235.00/40.00, and higher respectively. Bulls should remain in control until prices remain broadly above $1,168.00.
Remain long, stop at $1,165.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com