Technical outlook and chart setups:
Gold is still trading within the range defined earlier. The upport zone is around $1,180.00/83.00 while the resistance zone is around $1,205.00/07.00. The metal is seen to be tradingaround the level of $1,195.00 but it needs to confirm a break above $1,207.00 at least to rally further. On the flip side, a break below $1,180.00 would bring/test the level of $1,175.00 before rallying further. It is recommended to remain long for now with risk at $1,170.00. The iImmediate support is seen at $1,180.00 followed by $1,162.00, $1,140.00, and lower, while resistance is seen at $1,210.00 followed by $1,240.00/50.00 and higher respectively.
Remain long, stop at $1,170.00, a target is open.
Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015