Technical outlook and chart setups:
Gold found support around the levels of $1,125.00, slightly above the levels of $1,120.00, which had been expected. The metal seems to found support at the Fibonacci 0.50 levels looking for an opportunity to rally. Please note that the best buy still remains at $1,120.00. It is recommended to remain long from yesterday with risk at $1,100.00. Immediate support is seen at the levels of $1,120.00 followed by $1,100.00, $1,090.00, and lower, while resistance is seen at $1,150.00/55.00 (interim) followed by $1,170.00 and higher.
Trading recommendations :
Remain long with stop at $1,100.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com