Technical analysis of Gold for October 30, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped to $1,210.00 levels as discussed and expected earlier. Please also note that the metal is at fibonacci 0.618 support levels of the rally between $1,183.00 and $1,255.00. It is recommended to exit short positions taken earlier (last week) and initiate long positions, with risk at $1,180.00 levels. Support is seen at $1,205.00 followed by $1,183.00 and lower while resistance is seen at $1,225.00, followed by $1,255.00 (interim), $1,275.00 and higher respectively. The metal is moving sideways since yesterdays' drop and bulls are expected to resume rally from here.

Trading recommendations:

Remain long, set stop at $1,179.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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