Technical outlook and chart setups:
Gold has been pushed through the level of $1,200.00 for now. The metal could face interim resistance at current levels since it was in the past support turned resistance zone. It is recommended to remain aside for now and wait for a dip to re-enter. A push through the $1,220.00 would prove the extremely bullish uotlook for the metal. Immediate resistance is seen at the levels of $1,220.00/25.00 followed by $1,280.00/85.00 and higher, while support is seen at $1,180.00 followed by $1,160.00, $1,140.00, and lower respectively.
Remain flat for now. Look to enter on a dip again.
The material has been provided by InstaForex Company – www.instaforex.com