Technical outlook and chart setups:
Gold has drifted sideways since yesterday, after printing fresh highs at $1,194.00/95.00 levels. The metal could be attempting yet another push higher towards $1,207.00/08.00 at least. It is good to hold long positions as of now, risk remains at $1,140.00. The bullish story could continue for a while before the metal hits $1,208.00 levels. A reaction is expected there since it is a fibonacci convergence, as seen here. Support is seen at $1,140.00, followed by $1,030.00 while resistance is seen at $1,205.00/07.00, followed by $1,235.00, $1,255.00 and higher up respectively.
Remain long for now, stop at $1,140.00, the target is at least at $1,207.00.
The material has been provided by InstaForex Company – www.instaforex.com