Technical outlook and chart setups:
Gold continues drifting lower as expected and is trading around the $1,118.00 levels for now. Please note that the metal responded/reversed from the trendline, Fibonacci 0.618, and past support turned resistance zone around the $1,170.00 levels earlier, and the fall could accelerate from here on. It is hence recommended to remain short with risk at the $1,180.00 levels for now. Immediate support is seen at the $1,110.00 levels followed by $1,090.00, $1,075.00 and lower, while resistance is seen at the $1,170.00 levels followed by $1,120.00/30.00 and higher respectively.
Remain short for now, stop is at $1,180.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com