Gold consolidates around 1128 bias remains bullish- long around 1120, targets around 1130/1140, SL 1100

The yellow metal traded higher on Monday, as a wave of risk aversion due to growth worries about global economic growth and weak factory data from China triggered demand for yellow metal. 
 

• The commodity inched higher after breaking resistance level at 1116 in the early European session, and currently is approaching to test resistance level located at 1130. 
   
• Any downside is expected to be limited around 1120 levels as the support level located at 1116 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
   
• To the upside, the strong resistance can be seen 1130, a break above this level would expose the commodity towards 1138 levels.
   
• To the downside immediate support can be seen at 1116, a break below at this level will open the door towards 1100 levels.
  
  Recommendation: Go long around 1120, targets around 1130/1140, SL 1100
  
  Support levels: S1-1116, S2-1108, S3-1100
  
  Resistance levels: R1-1130, R2-1138, R3-1144