Technical outlook and chart setups:
Gold dropped lower towards $1,145.00 as expected and discussed earlier. The yellow metal has reached its Fibonacci 50% support at the above levels as seen here. Please note that the metal still has room to correct lower towards Fibonacci 0.618 support around the levels of $1,138.00. It is hence recommended to remain flat for now and look for an opportunity to buy lower. Immediate support is seen at $1,130.00 followed by $1,100.00 and lower, while resistance is seen at $1,180.00 (interim) followed by $1,190.00 and higher.
Remain flat, initiate long positions around the levels of $1,138.00.
The material has been provided by InstaForex Company – www.instaforex.com