Gold seems to have resumed its uptrend after bouncing off sharply from the recent lows created around the level of $1,175.00. The metal has also crossed its counter trend-line resistance for now and is trading at the level of $1,200.00. It is recommended to remain long with risk at $1,170.00. Buy on dips until the prices stays above the level of $1,170.00. Immediate support is seen at $1,175.00 followed by $1,162.00, $1,140.00, and lower, while resistance is seen at $1,210.00 followed by $1,225.00, $1,240.00/50.00, 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 seems to have resumed its uptrend after bouncing off sharply from the recent lows created around the level of $1,175.00. The metal has also crossed its counter trend-line resistance for now and is trading at the level of $1,200.00. It is recommended to remain long with risk at $1,170.00. Buy on dips until the prices stays above the level of $1,170.00. Immediate support is seen at $1,175.00 followed by $1,162.00, $1,140.00, and lower, while resistance is seen at $1,210.00 followed by $1,225.00, $1,240.00/50.00, 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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