Gold steadies around 1191 levels, bias remains bullish- long around 1178, targets around 1200/1230, SL 1062

Gold stabilized on Wednesday after Fed's Yellen said that Fed will do gradual adjustment to its monetary policy following turmoil in global economy.

• The yellow metal initially declined towards 1181 levels in the early US session, before recovering to trade around 1192 levels. 
   
• Gold is likely to reach higher level in the coming days as jitters in global economy and continued weakness in global equity markets is set to push  investors to invest in bullion market.
   
• Any downside is expected to be limited around 1080 levels as the support level located at 1078 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 1200, a break above this level would expose the commodity towards 1210 levels.
   
• To the downside immediate support can be seen at 1088, a break below at this level will open the door towards1077 levels.
  
  Recommendation: Go long around 1178, targets around 1200/1230, SL 1062
  
  Support levels: S1-1088, S2-1077, S3-1070
  
  Resistance levels: R1-1200, R2-1210, R3-1224