Technical analysis of Gold for October 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold bounced off the trend-line support around $1,105.00 last week, as expected. The metal is trading around $1,138.00/40.00 now, looking for an opportunity to move higher. The yellow metal could retrace lower towards $1,118.00/20.00 before resuming its recent rally. Hence, remain long and look for an opportunity to add further around $1,120.00. Immediate support is seen at $1,105.00 followed by $1,100.00, $1,090.00, and lower respectively, while resistance is seen at $1,155.00 (interim) followed by $1,170.00 and higher respectively.

Trading recommendations:

Remain long and look for an opportunity to add around $1,180.00/20.00, stop is at $1,090.00, a target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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