Gold is trading around $1,177.00 now after having reached lows at $1,161.00 earlier. The metal is seen to be producing a bullish morning star candlestick pattern on the daily chart, indicating potential reversal from the current levels. It is recommended to remain long for now and look for an opportunity to add further at current levels. Risk remains at $1,150.00. Immediate support is seen at $1,143.00 and lower. Resistance is seen at $1,195.00 followed by $1,205.00, $1,215, $1,231.00, $1,235.00/40, and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,150.00, a arget is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is trading around $1,177.00 now after having reached lows at $1,161.00 earlier. The metal is seen to be producing a bullish morning star candlestick pattern on the daily chart, indicating potential reversal from the current levels. It is recommended to remain long for now and look for an opportunity to add further at current levels. Risk remains at $1,150.00. Immediate support is seen at $1,143.00 and lower. Resistance is seen at $1,195.00 followed by $1,205.00, $1,215, $1,231.00, $1,235.00/40, and higher respectively.
Trading recommendations:
Remain long for now, stop is at $1,150.00, a arget is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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