Technical outlook and chart setups:
Gold has bounced off from the expected support region around $1,150.00 yesterday. At the moment, the metal is trading around $1,169.00/70.00 levels and is looking to challenge $1,180.00/85.00 immediately. A break above those levels could see the metal easily rallying up to the $1,208.00 mark at least. Resistance is at $1,250.00, followed by $1,290.00/1,300.00, while support is seen at $1,140.00 (interim), followed by $1,030.00 (interim) and lower respectively. It is recommended to remain long for short term and watch for price action around the $1,208.00 levels. Please note that the metal has to at least break through $1,250.00/55.00 levels, to challenge further highs.
Remain long, stop at $1,140.00, the target is at least $1,208.00.
The material has been provided by InstaForex Company – www.instaforex.com