Technical outlook and chart setups:
Gold remains in a downtrend until prices stay broadly below the levels of $1,200.00/30.00. At the moment, the yellow metal is trading flat around $1,100.00. A drop below $1,100.00 would accelerate downside towards $1,030.00 in the sessions to come. Only a push higher towards $1,170.00 would reduce chances of a continuing drop. It is hence recommended to remain short from yesterday, with risk at $1,150.00. Immediate support is seen at $1,090.00 followed by $1075.00 and lower, while resistance is seen at $1,150.00 followed by $1,170.00, $1,200.00, and higher.
Remain short for now, with stop at $1,150.00. A target is at $1,030.00.
The material has been provided by InstaForex Company – www.instaforex.com