Gold is seen to be trading around $1,200.00 now and it is expected to resume its rally towards higher highs soon. The metal trades within the cone formation at the moment and a push above $1,210.00 would be extremely encouraging for bulls. It is recommended to remain long with stop at $1,170.00 . Immediate support is seen at $1,180.00/83.00 followed by $1,162.00, $1,143.00, and higher, while resistance is seen at $1,240.00 followed by $1,280.00 and higher respectively. A drop below $1,183.00 could delay matters further.
Trading recommendations:
Remain long, stop at $1,170.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is seen to be trading around $1,200.00 now and it is expected to resume its rally towards higher highs soon. The metal trades within the cone formation at the moment and a push above $1,210.00 would be extremely encouraging for bulls. It is recommended to remain long with stop at $1,170.00 . Immediate support is seen at $1,180.00/83.00 followed by $1,162.00, $1,143.00, and higher, while resistance is seen at $1,240.00 followed by $1,280.00 and higher respectively. A drop below $1,183.00 could delay matters further.
Trading recommendations:
Remain long, stop at $1,170.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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