Technical outlook and chart setups:
Gold has finally produced a bullish morning star candlestick pattern at the back side of trend line, after testing it for several trading sessions now. The metal is seen to be trading at $1,171.00 and should be preparing to rally towards the level of $1,220.00 at the sessions to come. Intraday dips are quite possible from here but it is recommended to remain long and use them as fresh buying opportunities. Bulls are poised to remain in control untill prices stay above $1,130.00. Immediate support is seen at the level of $1,130.00 while resistance is at the level of $1,220.00 on the daily chart view.
Remain long for now, stop at $1,130.00, target is open.
The material has been provided by InstaForex Company – www.instaforex.com