Gold has yet again dropped to its previous support of $1,160.00 after testing highs at $1,181.00. Please note that the yellow metal could still drop to its Fibonacci 0.618 support at $1,138.00/40.00 before moving towards the levels of $1,200.00 and $1,230.00. An uptrend, which began from $1,080.00, remains intact until prices stay above the levels of $1,100.00. It is recommended to remain flat and look for an opportunity to enter the lower levels. Immediate support is seen at $1,150.00, while resistance is seen at $1,200.00 followed by $1,230.00 and higher.
Trading recommendations:
Remain flat and go long around $1,130.00/40.00 with stop at $1,100.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold has yet again dropped to its previous support of $1,160.00 after testing highs at $1,181.00. Please note that the yellow metal could still drop to its Fibonacci 0.618 support at $1,138.00/40.00 before moving towards the levels of $1,200.00 and $1,230.00. An uptrend, which began from $1,080.00, remains intact until prices stay above the levels of $1,100.00. It is recommended to remain flat and look for an opportunity to enter the lower levels. Immediate support is seen at $1,150.00, while resistance is seen at $1,200.00 followed by $1,230.00 and higher.
Trading recommendations:
Remain flat and go long around $1,130.00/40.00 with stop at $1,100.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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