Technical outlook and chart setups:
Gold is trading around $1,190.00 now after it formed a potential higher low at $1,185.00 yesterday. The metal dropped a bit lower than expected yesterday before pulling back higher. Please note that fibonacci 0.618 levels are still held and bulls are expected to rally untill prices stay broadly above $1,180.00 levels. It is hence recommended to hold long positions, with risk around $1,180.00. Immediate support is seen at $1,180.00 followed by $1,168.00/70.00 and lower. Resistance is seen at $1,215.00 (interim) followed by $1,230.00, $1,240.00, 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