Technical outlook and chart setups:
1. Gold has rallied through the resistance region of $1,278.00/$1,280.00 as expected and as seen here. Please note that the fibonacci 0.681 resistance is passing through $1,278.00/79.00 and the past resistance turned support is also around the same $1,279.00 levels as seen here.
2. Support is seen at $1,245.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,300.00, followed by $1,310/15, $1,330.00 and higher up respectively.
3. The structure indicates that Gold should remain in control of bears till $1,300.00 levels remain intact. A bearish reversal could be expected around current levels.
Trading recommendations:
Remain flat for now. Look to sell on a bearish reversal here.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for June 16, 2014 . Thanks for your support on Technical analysis of Gold for June 16, 2014
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