Technical outlook and chart setups:
Gold is virtually unchanged for last 2 trading sessions, trading at $1,093.00. The yellow metal might be preparing for a relief rally towards the level of $1,130.00, which is also the confluence of resistance trendline and fibonacci level of 0.618 of the drop from $1,167.00 to $1,075.00. It is recommended to initiate 50% long positions (aggressive trade setups) with risk at $1,070.00 now. Immediate support is seen at the level of $1,075.00 followed by $1,052.00, $1,030.00, and lower while resistance is seen at $1,130.00/32.00 followed by $1,176.00 and higher.
Initiate 50% long positions, stop is at $1,070.00, a target is at $1,130.00.
The material has been provided by InstaForex Company – www.instaforex.com