Technical outlook and chart setups:
Gold is looking to resume rally towards $1,267.00 , after having made higher lows at $1,192.00 yesterday. The metal has formed a bullish morning star candlestick pattern on the 4 hour chart setups and is likely to teste yesterdays lows as well. It is hence to remain long with risk at $1,170.00. Immediate support is seen at $1,178.00 followed by $1,162.00, $1,143.00, and lower, while resistance is seen at $1,223.00 (interim), followed by $1,250.00, $1,285.00, and higher respectively.
Trading recommendations:
Remain long for now, stop at $1,170.00, target is open.
Good luck!
