Technical outlook and chart setups:
1. Gold is stalling between $1,224.00-$1,230.00 for now. It is still recommended to remain flat at current levels.
2. Intermediary resistance is at $1,250.00, followed by $1,267.00/70.00, while supports are spread through $1,207.00 (the fibonacci 0.618 support level), followed by $1,200.00 and $1,182.00 respectively.
3. The structure reveals that a push through $1,267.00/70.00 would confirm that a bottom is in place and the trend is reversing. On the other hand, a failure at $1,250.00 again would head towards fresh lows.
Trading recommendations:
Look to go long between $1,206.00 and $1,207.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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