Technical outlook and chart setups:
1. Gold is still trading within the consolidation range between $1,285.00/90.00 and $1,301.00/05.00 respectively. After bouncing off the lower boundary at $1,286.00 levels on Friday, the metal is trading above $1,291.00 at the moment. Minimum implications from here is towards $1,305.00/10.00 levels.
2. Support is seen at $1,280.00, followed by $1,270.00 and lower, while resistance is seen at $1,310.00, followed by $1,330.00, $1,350.00/60.00 and higher respectively.
3. The structure indicates that Gold is expected to rally from here towards at least $1,305.00/10.00 if not higher.
Trading recommendations:
Remain long, stop at $1,280.00, target is open OR Remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for May 26, 2014 . Thanks for your support on Technical analysis of Gold for May 26, 2014
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