Technical outlook and chart setups:
Gold is seen to be trading at $1,187.00 after bouncing off $1,180.00. Please note that the metal has bounced off the Fibonacci 0.50 support level as well. It is recommended to initiate 50% long positions at the current price and to remain at $1,170.00 respectively, with risk at $1,150.00. Bulls could resume rally and push through the current levels as well. Immediate support is seen at $1,160.00 followed by $1,140.00 and lower, while resistance is seen at $1,223.00 followed by $1,240.00/50.00, $1,280.00, and higher respectively.
Initiate 50% long positions now, remaining at $1,270.00, stop at $1,250.00.
The material has been provided by InstaForex Company