Technical outlook and chart setups:
Gold seems to have formed a base around $1,182.00/83.00 for now. The metal is preparing to rally beyond $1,240.00/50.00. It is recommended to remain long for now, with risk at the level of $1,170.00 . Immediate support is seen at $1,180.00 followed by $1,170.00, $1,162.00, $1,140.00, and lower, while resistance is seen at $1,240.00/50.00 followed by $1,280.00/85.00 and higher respectively. Bulls remain poised to push prices higher until it remains above the level of $1,170.00.
Trading recommendations:
Remain long, stop at $1,170.00, target is open.
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 April 16, 2015 . Thanks for your support.
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