Technical outlook and chart setups:
Gold has rallied further towards the levels of $1,120.00/25.00 as expected. The metal stalled at a fibonacci 0.50 resistance as depicted here. Please note that bears are expected to remain in control until prices stay below $1,170.00 for now. It is hence recommended to remain short for now, with risk at $1,150.00 levels at least. Immediate support is seen at $1,100.00 followed by $1,090.00, $1,075.00, and lower, while resistance is seen at $1,150.00 (interim) followed by $1,170.00, $1,200.00, and higher respectively.
Remain short for now, stop at $1,150.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com