Gold is inching higher for now, heading towards the $1,200.00 levels at least, after having formed a bottom at the $1,105.00 levels on October 2, 2015. The yellow metal has been forming higher highs and higher lows as seen here, and bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long for now and also look to add positions with risk around the $1,100.00 levels. Immediate support is seen at the $1,130.00 levels (interim) followed by $1,100.00 and lower, while resistance is seen at the $1,170.00 levels and higher.
Trading recommendations:
Remain long for now, stop is at $1,100.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is inching higher for now, heading towards the $1,200.00 levels at least, after having formed a bottom at the $1,105.00 levels on October 2, 2015. The yellow metal has been forming higher highs and higher lows as seen here, and bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long for now and also look to add positions with risk around the $1,100.00 levels. Immediate support is seen at the $1,130.00 levels (interim) followed by $1,100.00 and lower, while resistance is seen at the $1,170.00 levels and higher.
Trading recommendations:
Remain long for now, stop is at $1,100.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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