Technical outlook and chart setups:
Gold continues to trade in a tight range, after bouncing from initial support at $1,100.00 earlier. The metal is trading around $1,108.00 now, facing trend-line resistance. A breakout above $1,110.00 would open doors to at least $1,125.00. Please note that the broader technical trend is bearish until prices stay below the levels of $1,170.00 and subsequently $1,200.00. It is hence recommended to remain short now with risk at $1,150.00. Immediate support is seen at the territory of $1,090.00 followed by $1075.00 and lower, while resistance is seen at $1,150.00/70.00 followed by $1,200.00 and higher.
Remain short now with stop at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com