Technical outlook and chart setups:
Gold is seen to be trading around the level of $1,193.00 looking to push higher towards $1,215.00 at least. The metal was confined in a consolidation as depicted here and broke out higher yesterday. The next move is likely to be on the higher side towards $1,215.00/25.00 at least. It is recommended to remain long for now with risk at $1,165.00. Immediate support is seen at $1,180.00 followed by $1,168.00/70.00, $1,162.00, and lower, while resistance is seen at $1,215.00, followed by $1,225.00/35.00 and higher respectively.
Trading recommendations:
Remain long for now, stop at $1,165.00, a target is 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 13, 2015 . Thanks for your support.
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