Technical outlook and chart setups:
Gold is retracing lower as it was discussed and expected earlier. The metal is trading around $1,202.00 at the moment and support is expected around $1,190.00. Please note that $1,190.00 is the fibonacci 0.618 support for the rally between $1,175.00 and $1,215.00. Immediate support is seen at the level of $1,200.00 followed by $1,190.00, $1,175.00, $1,162.00and and lower. Resistance is seen at $1,235.00 followed by $1,280.00/85.00 and higher respectively. Bulls should resume rally from around the level of $1,190.00 for now.
Trading recommendations:
Flat for now. Looking to buy lower
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for April 30, 2015 . Thanks for your support.
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