Gold has pushed through the $1,169.00 levels for now and could be preparing to target the $1,192.00 levels at least before producing a meaningful retracement lower. The yellow metal will remain in control of bulls until prices stay broadly above the $1,110.00 levels. It is hence recommended to remain long and also look to add further positions on dips. Immediate support is seen at the $1,155.00 levels followed by $1,140.00, $1,130.00 and lower, while resistance is seen at the $1,170.00 levels, and higher. Buy on dips for now.
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 has pushed through the $1,169.00 levels for now and could be preparing to target the $1,192.00 levels at least before producing a meaningful retracement lower. The yellow metal will remain in control of bulls until prices stay broadly above the $1,110.00 levels. It is hence recommended to remain long and also look to add further positions on dips. Immediate support is seen at the $1,155.00 levels followed by $1,140.00, $1,130.00 and lower, while resistance is seen at the $1,170.00 levels, and higher. Buy on dips for now.
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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