Technical outlook and chart setups:
Gold has been trading broadly between $1,200.00 and $1,180.00 over few trading sessions. Furthermore, it is making a decreasing resistance ($1.200.00, $1,194.00) and constant support ($1,180.00) as a kind of consolidation pattern. A break below $1,180.00 couldcause the test of $1,175.00 before rallying further. It is recommended to remain long for now with risk at the level of $1,165.00. Immediate support is seen at $1,168.00 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.
Remain long for now, stop at $1,165.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com