Gold made yet another high at the $1,189.00 levels yesterday before pulling back lower. Please note that the metal almost hit an expected target at $1,190.00 and hence it could retrace any moment. The yellow metal has turned buy into dips for now until prices stay above $1,100.00. It is hence recommended to remain flat for now and look to initiate long positions on dips through the $1,150.00/30.00 levels. Immediate support is seen at the $1,157.00 levels (Fibonacci 0.382), followed by $1,135.00 and lower, while resistance is seen at the $1,200.00/30 levels and higher.
Trading recommendations:
Remain flat for now, look to enter lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold made yet another high at the $1,189.00 levels yesterday before pulling back lower. Please note that the metal almost hit an expected target at $1,190.00 and hence it could retrace any moment. The yellow metal has turned buy into dips for now until prices stay above $1,100.00. It is hence recommended to remain flat for now and look to initiate long positions on dips through the $1,150.00/30.00 levels. Immediate support is seen at the $1,157.00 levels (Fibonacci 0.382), followed by $1,135.00 and lower, while resistance is seen at the $1,200.00/30 levels and higher.
Trading recommendations:
Remain flat for now, look to enter lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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