Technical outlook and chart setups:
Gold is trading around the levels of $1,137.00/38.00 now, after having bounced off from $1,120.00/21.00 earlier. The metal might form a gartley and a drop towards $1,115.00/13.00 before resuming its uptrend, as shown here. It is hence recommended to book profits on long positions taken earlier and remain flat. An aggressive trade strategy would be to initiate fresh short positions (counter trend), with risk around $1,145.00/46.00. Immediate resistance is seen at $1,141.00/42.00 (interim) followed by $1,150.00, $1,170.00, and higher, while support is seen at $1,120.00 followed by $1,115.00, $1,110.00, and lower.
Take profits on long positions. Aggressive setup is to short now, stop at $1,145.00, target $1,115.00. Then long.
The material has been provided by InstaForex Company – www.instaforex.com