Technical outlook and chart setups:
1. Gold is seen to be pulling back from the intermediary resistance line passing around $1,300.00 levels for now. A drop below $1,270.00 would drag prices towards $1,230.00/40.00. Meanwhile, a break higher should take it higher towards $1,330.00. At the moment, recommendations are to remain flat.
2. Support is seen at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is seen at $1,330.00, followed by $1,388.00 and higher respectively.
3. The structure indicates that Gold needs to push through $1,330.00 levels to confirm that bulls are to remain in control.
Trading recommendations:
Remain flat for now. Or long 50%, with stop at $1,230.00/40.00 (aggressive setup).
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Gold for April 30, 2014
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