Technical outlook and chart setups:
Gold remains in a trading range between $1,00.00/05.00 and $1,230.00/40.00 for now. The metal is attempting to rally at the moment but a break above $1,240.00 would be imminent for bulls to remain in further control. On the flip side, a break below $1,206.00 would drag prices towards $1,180.00/85.00 at least. It is recommended to exit long positions taken last week and remain flat, awaiting a break on either side. Immediate support is at $1,206.00 (interim), followed by $1,180.00 and lower while resistance is seen at $1,230.00/40, followed by $1,275.00 and higher respectively.
Trading recommendations:
Exit long positions for now (remain conservative). Wait for a range break to enter again.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for September 29, 2014 . Thanks for your support.
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