Technical outlook and chart setups:
Gold is seen to be trading around the level of $1,212.00, after testing $1,204.00 yesterday. The metal looks to be set to rally further towards $1,221.00 at least if not higher. A bearish reversal there would indicate that the metal needs to correct below the level of $1,200.00 before resuming its rally. It is recommended to remain long for now, with risk at $1,200.00. Immediate support is seen at $1,204.00 (interim) followed by $1,180.00, $1,162.00, and lower while resistance is seen at $1,230.00 (interim), followed by $1,235.00/40.00 and higher respectively.
Remain long for now, stop at $1,200.00, a target at $1,221.00/23.00.
The material has been provided by InstaForex Company – www.instaforex.com