Technical outlook and chart setups:
Gold is still trading around the fibonacci support 0.618 (of the rally between $1,075.00 and $1,170.00 levels) at $1,105.00 now. There is no doubt that the metal will remain bearish after having reversed from $1,170.00 earlier, but a bullish reversal at the current level could push the metal through at least $1,200.00. It is hence recommended to remain long from yesterday, with risk at $1,090.00. Immediate support is seen at the level of $1,090.00 followed by $1,080.00, $1,075.00, and lower, while resistance is seen at $1,170.00 followed by $1,200.00 and higher.
Remain long for now with stop at $1,090.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com