Technical outlook and chart setups:
Gold rallied through $1,155.00 last week, before retracing lower. The metal is seen to be trading around the levels of $1,130.00 for now and is expected to receive interim support here. Please note that the metal is stalling at a fibonacci 0.382 support and 50-day moving average passing as well. It is hence recommended to initiate 50% long positions now and remaining 50% at $1,120.00, with risk at $1,100.00. Immediate support is seen at the level of $1,120.00 followed by $1,100.00, $1,090.00, and lower, while resistance is seen at $1,155.00 (interim) followed by $1,170.00 and higher.
Initiate 50% long positions now remaining around $1,120.00, stop is set at $1,100.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com