Technical outlook and chart setups:
Gold has completed retracement around $1,175.00 levels for now and is looking to resume rally towards $1,208.00 and higher up. It is recommended to enter long positions now ($1,183.00), risk at $1,140.00. The metal could be seen targeting $1,208.00 levels at least and if breaks higher, then $1,250.00/60.00 could be well on cards. Support is seen at $1,140.00/45.00, followed by $1,030.00, while resistance is seen at $1,205.00 (interim), followed by $1,235.00, $1,250.00 and higher respectively. On the other hand, a bearish reaction at $1,208.00 could bring back bears in control and the metal could continue to slide below $1,030.00.
Initiate long positions now at $1,1,83.00,stop $1,140.00, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com