Technical outlook and chart setups:
Gold had formed the bottom at the level of $1,143.00 and pushed higher through the level of $1,187.00 since then. The metal is expected to pullback lower before resuming towards $1,220.00. A push above the level of $1,190.00 could break the resistance line and open doors for higher levels as seen here. It is recommended to remain long for now and add further on dips as well. Immediate support is seen at $1,160.00, followed by $1,140.00/43.00 and lower while resistance is seen at $1,220.00, followed by $1,280.00 and higher respectively.
Remain long stop at $1,130.00, target is open,
The material has been provided by InstaForex Company – www.instaforex.com