Technical outlook and chart setups:
Gold is trading around $1,195.00/96.00 at the moment. It is looking for an opportunity to test the level of $1,193.00 soon, which is fibonacci 0.618 support of a rally between $1,168.00 and $1,231.00 as depicted here. Please note that a short-term support trendline is also offering the required support and bounce to the metal. It is recommended to hold long positions for now and add fresh around the current levels with risk at $1,180.00. Immediate support is seen at $1,193.00 (fibonacci) followed by $1,180, $1,170.00, and lower while resistance is seen at $1,215.00 followed by $1,231.00, $1,235.00/40.00, and higher respectively.
Remain long for now and also add further, stop at $1,180.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com