Gold is trading above $1,130.00 after bouncing back from the levels of $1,120.00/21.00 today. The metal is expected to continue its bullish stance through at least $1,150.00. Please note that a bullish morning star candlestick pattern indicates reversal. It is hence recommended to hold long positions, with risk at $1,100.00. Immediate support is seen at $1,115.00 followed by $1,090.00, $1,080.00, and lower while resistance is seen at $1,150.00 followed by $1,170.00 and higher.
Trading recommendations:
Remain long with stop at $1,100.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Gold is trading above $1,130.00 after bouncing back from the levels of $1,120.00/21.00 today. The metal is expected to continue its bullish stance through at least $1,150.00. Please note that a bullish morning star candlestick pattern indicates reversal. It is hence recommended to hold long positions, with risk at $1,100.00. Immediate support is seen at $1,115.00 followed by $1,090.00, $1,080.00, and lower while resistance is seen at $1,150.00 followed by $1,170.00 and higher.
Trading recommendations:
Remain long with stop at $1,100.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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