Technical outlook and chart setups:
Gold is seen to be trading at $1,208.00 at the moment after pulling back from $1,202.00 earlier. The metal has tested lows twice, and it is expected to rally at least through $1,221.00. Immediate short-term target is seen at $1,213.00. It is hence recommended to hold long positions with risk around $1,200.00. Immediate support is seen at $1,200.00 (interim) followed by $1,180.00, $1,162.00, and lower. Resistance is seen at $1,230.00 followed by $1,235.00/40.00 and higher respectively.
Trading recommendations:
Remain long for now, stop at $1,200.00, a target at $1,221.00.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for May 22, 2015 . Thanks for your support.
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