Technical outlook and chart setups:
Gold hgot above the level of $1,220.00 yesterday before pulling back again. The metal still can be pushed through the level of $1,225.00 before a meaningful retracement. It is recommended to remain flat for now and wait for a pullback to materialize before initiating long positions. Immediate support is at $1,185.00 followed by $1,160.00/62.00 and lower, while resistance is seen at $1,223.00 followed by $1,285.00 and higher respectively. Bulls might still want to remain in control but further strengthening in the rally should be seen after a pullback towards $1,172.00.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com