Technical outlook and chart setups:
Gold seems to have formed a higher low at $1,175.00 levels yesterday. The metal has bounced off, back into the $1,190.00/95.00 region and is looking to push higher, through the $1,204.00/05.00 levels. Resistance is seen at $1,205.00 (interim), followed by $1,235.00/40.00, followed by $1,250.00/55.00, $1,276.00 and higher respectively. A push through the $1,208.00/10.00 level, would open doors towards $1,240.00 and $1,255.00 levels as next extensions. On the flip side, a bearish reaction at $1,208.00, could turn the metal lower towards fresh lows. Bulls are likely to remain under control till prices remain above $1,140.00 levels for now.
Trading recommendations:
Remain long, stop at $1,140.00, the target is open.
Good luck!
