Technical outlook and chart setups:
Gold has rallied through $1,285.00 levels after bouncing off from $1,250.00 support as seen here. Please note that the metal has bounced off the fibonacci 0.382 support and minimum upside extensions remain at $1,340.00/50 levels from here on. A break above $1,295.00 interim resistance would confirm that bulls are back in control. It is recommended to remain long for now, risk is around $1,245.00 levels for now. Immediate support is seen at $1,220.00/25.00, followed by $1,205.00 and lower while resistance is seen at $1,295.00 (interim), followed by $1,307.00 and higher respectively. Please note that a break below $1,250.00 would find support around the $1,220.00 region.
Remain long for now, stop at $1,245.00, the target is at $1,340.00/50.00.
The material has been provided by InstaForex Company – www.instaforex.com