Technical analysis of Gold for October 16 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has pulled back from $1,190.00, but is likely to draw further strength for a rally towards $1,200.00/30. As seen here, the immediate support line is where the metal is bouncing back again. It is expected to hit higher highs and higher lows in coming sessions. It is recommended to initiate 50% long positions now with tight risk just below $1,175.00. Immediate support is seen at $1,175.00 (interim) followed by $1,150.00/60.00, $1,135.00, and lower, while resistance is seen at $1,200.00, followed by $1,230.00, and higher.

Trading recommendations:

Initiate fresh long positions, stop is at $1,174.00, a target is at $1,200.00 and $1,230.00.

Good luck!

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