Technical outlook and chart setups:
1. Gold rallies post $1,300.00 levels after several trading sessions lately. The metal should be looking to rally either towards a new high above $1,400.00 levels or at least towards the back side of trend line around $1,340.00/50.00 for now. It is recommended to remain long for now, risk remains at $1,270.00.
2. Major support comes in at $1,230.00/40.00, followed by $1,210.00, $1,180.00 awhile resistance in at $1,388.00 (intermediary), and $1,340.00/50.00 levels from here on.
3. The structure indicates that Gold should rally towards $1,340.00/50.00 from current levels or from $1,250.00/60.00 levels. Till the time prices remain above $1,230.00/40.00, bulls should remain in control.
Trading recommendations:
Remain long for now, set stop at $1,270.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for April 07, 2014. . Thanks for your support on Technical analysis of Gold for April 07, 2014.
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