Technical outlook and chart setups:
Gold is trading around $1,188.00/89.00 levels for now and is expected to rise through $1,215.00 levels and higher, in the coming sessions. The metal has corrected since printing highs around $1,200.00 levels recently. Bulls seem to be poised to remain in control till prices stay above $1,168.00 levels for now. Immediate support is seen at $1,168.00 levels, followed by $1,162.00, $1,143.00 and lower while resistance is seen at $1,200.00 (interim), followed by $1,215.00 levels, $1,225.00 and higher respectively.
Trading recommendations:
Remain long, stop below $1,165.00, a target open.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for May 07, 2015 . Thanks for your support.
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