Technical outlook and chart setups:
Gold has retraced to expected levels around $1,150.00, as seen here. Also note that the metal is trading around the fibonacci 0.618 support at the moment. It is recommended to initiate long positions again at current price, risk remains at $1,125.00. Resistance is seen at $1,200.00, followed by $1,235.00, $1,255.00 and higher up while support is seen at $1,130.00 and lower respectively. The metal has broken higher from the recent down trend line and is pulling back after registering highs at $1,180.00 levels. Bulls are expected to remain in control till prices stay above $1,130.00 levels. A bullish reversal from current price ($1,150.00) could see $1,207.00 levels at least on the higher side.
Buy now ($1,150.00), stop at $1,125.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com