Gold gold dropped back to its support zone around $1,180.00/83.00 yesterday. The metal is seen to be trading at $1,186.00 for now and is looking for an opportunity to rally towards $1,205.00/08.00, which are the resistance zone for now. It is recommended to remain long with risk at $1,170.00. In case of failure to break above $1,208.00, the pair should be sold from here as the metal might be consolidating in a sideways range. Immediate support is found at $1,178.00/80 followed by $1,162.00 and lower, while resistance is seen at $1,205.00/08.00 and higher respectively.
Trading recommendations:
Remain long for now, 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 gold dropped back to its support zone around $1,180.00/83.00 yesterday. The metal is seen to be trading at $1,186.00 for now and is looking for an opportunity to rally towards $1,205.00/08.00, which are the resistance zone for now. It is recommended to remain long with risk at $1,170.00. In case of failure to break above $1,208.00, the pair should be sold from here as the metal might be consolidating in a sideways range. Immediate support is found at $1,178.00/80 followed by $1,162.00 and lower, while resistance is seen at $1,205.00/08.00 and higher respectively.
Trading recommendations:
Remain long for now, 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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