Technical outlook and chart setups:
Gold finally broke above its consolidation yesterday. It also took out the first resistance at $1,215.00 as seen here. The metal is expected to retrace lower towards $1,205.00, which is resistance turned support trend-line passing before printing fresh highs. It is recommended to remain long with risk at $1,180.00 for now. Immediate support is seen at $1,178.00 followed by $1,170.00, $1,162.00, and lower, while resistance is seen at $1,25.00 followed by $1,235.00/45.00 and higher respectively.
Remain long for now, stop at $1,180.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com