Technical outlook and chart setups:
Gold is seen to be trading in a very tight range since last 2-3 trading sessions between $1,162.00 and $1,170.00 as seen here. The yellow metal still has a potential to drop lower towards the $1,137.00/40.00 levels before turning bullish again. It is hence recommended to remain flat for now and look to buy lower again. Immediate support is seen at the $1,150.00 levels, followed by $1,137.00, $1,100.00 and lower, while resistance is seen at the $1,180.00 levels, followed by $1,190.00, $1,230.00 and higher.
Remain flat for now, and look to buy lower around the $1,140.00 levels.
The material has been provided by InstaForex Company – www.instaforex.com