Technical outlook and chart setups:
1. Gold has pulled back sharply towards $1300.00/04.00, after printing lows last week. As seen here, the resistance line is being tested at $1,304.00/05.00 levels; a bullish break out would test $1,330.00 levels. Recommendations are to exit long positions, if any, and remain flat for now.
2. Support is at $1,230.00/40.00, followed by $1,210.00 and lower while resistance is at $1,330.00, followed by $1,388.00 and higher up respectively.
3. The structure indicates that Gold needs to break $1,330.00 levels to confirm further upside. A push lower from current levels could print fresh lows.
Trading recommendations:
Exit long positions if any are opened. Remain flat for now.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Gold for April 28, 2014
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