Technical analysis of Gold for October 23 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,171.00 for now after reaching highs around $1,1755.00/76.00. The metal might be retracing lower towards $1,150.00 and $1,136.00 respectively before turning bullish again. In the long term, changes in a trend would be confirmed only after a break at $1,230.00. It is hence recommended to remain flat and look for a dip lower. Immediate support is seen at $1,150.00 followed by $1,135.00, $1,100.00, and lower, while resistance is seen at $1,190.00/1,200.00 followed by $1,230.00, and higher respectively.

Trading recommendations:

Remain flat now.

Good luck!

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