Technical outlook and chart setups:
Gold continues to trade around the levels of $1,118.00/20.00 for now after reversing from $1,170.00 earlier. The yellow metal should be looking for a way to drop below $1,075.00 in the sessions to come. Also please note that the metal has reversed from a trend line and fibonacci 0.618 resistance levels. Now it is hence recommended to remain short with risk at $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090, $1,075.00, and lower, while resistance is seen at $1,170.00 (interim) and higher respectively.
Remain short, stop is at $1,180.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com