Technical analysis of Gold for October 14 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is retracing after printing intraday highs around the $1,175.00/77.00 levels. No doubt, that the yellow metal still has enough room to push through the $1,200.00 levels and even higher, but a correction is due to take place before further extension. It is hence recommended to fix full profits on long positions taken earlier, and wait for a dip to materialize before re-entering. Immediate support is seen at the $1,150.00 levels followed by $1,130.00, $1,100.00 and lower, while resistance is seen at the $1,200.00 levels followed by $1,230.00 and higher.

Trading recommendations:

Fix full profits on long positions and remain flat.

Good luck!

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