Technical outlook and chart setups:
1. Gold has slipped to lower levels and has remained just shy of $1,240.00 as seen here. A further push below $1,240.00 could bring in $1,230.00 levels into focus. Please note that fibonacci 0.786 support is passing through $1,230.00 region for now. Recommendations are to remain flat for now and watch for a reaction here.
2. Support is seen at $1,240.00, followed by $1,230.00, $1,210, and $1,180.00 while resistance is seen at $1,300.00 followed by $1,310.00, $1,330.00, $1350.00/60.00 and $1,388.00 respectively.
3. The structure indicates that Gold is still seeking support and bullish bounce just ahead of $1,240.00 region. Watch out for a reaction here.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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