Gold had tested previous lows at $1,146.00/47.00 levels yesterday before pulling back as seen here. The yellow metal is trading at $1,153.00 at the moment, just below the fibonacci 0.786 support at the level of $1,168.00. The metal is still testing a back side of the resistance trend line, which should act as support now. Only a drop below $1,130.00 should be a reason to worry. For now, it is recommended to remain long with risk at $1.130.00. Immediate support is seen at $1,145.00/46.00 levels followed by $1,130.00 and lower, while resistance is seen at the level of $1,220.00 followed by $1,285.00, $1,307.00, and higher respectively.
Trading recommendations:
Remain long, stop at $1,130.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold had tested previous lows at $1,146.00/47.00 levels yesterday before pulling back as seen here. The yellow metal is trading at $1,153.00 at the moment, just below the fibonacci 0.786 support at the level of $1,168.00. The metal is still testing a back side of the resistance trend line, which should act as support now. Only a drop below $1,130.00 should be a reason to worry. For now, it is recommended to remain long with risk at $1.130.00. Immediate support is seen at $1,145.00/46.00 levels followed by $1,130.00 and lower, while resistance is seen at the level of $1,220.00 followed by $1,285.00, $1,307.00, and higher respectively.
Trading recommendations:
Remain long, stop at $1,130.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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