Technical outlook and chart setups:
1. Gold is stalling around the $1,250.00/60.00 range at the moment. Please note that this region is also the convergence of past resistance turned support and fibonacci 0.618 support (of the rally between $1,182.00 and $1,388.00/90.00 levels). A bullish reversal remain quite possible around current price activity at $1,256.00/57.00. Recommendations are to remain flat for now; watch out for a bullish reversal here.
2. Support is seen at $1,230.00/40.00 levels, followed by $1,210.00 and lower, while resistance is seen at $1,300.00, followed by $1,300.05/10.00, $1,330.00 and higher respectively.
3. The structure indicates that Gold could potentially stage a rally from current levels. On the flip side, a break below $1,240.00 could be encouraging for bears.
Trading recommendations:
Remain flat for now OR remain long, stop at $1,240.00, target is open.
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 30, 2014 . Thanks for your support on Technical analysis of Gold for May 30, 2014
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