Technical outlook and chart setups:
Gold dropped to the level of $1,100.00 on Friday before pulling back. Now it is trading around $1,107.00. The metal dropped from $1,170.00, which is the fibonacci 0.618 resistance and bouncing off the dropping trend line as well. It is hence recommended to exit long positions taken earlier and remain flat for now. Aggressive traders can go short with risk at $1,150.00. Immediate support is seen at the levels of $1,100.00, followed by $1,090.00 and lower, while resistance is seen at $1,150.00 followed by $1,170.00 and higher.
Exit long positions and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com