05.06.201313:55 Forex Analysis & Reviews: Gold remains bullish above 1,370.00

Long-term review

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Technical outlook and chart Setups:

The structure remains unchanged from what was discussed yesterday. The metal may be preparing for a bullish break above 1,420.00 level, in the coming sessions. It is still recommended to remain long and buy intraday dips as well. Immediate support is seen at 1,370.00 level, followed by 1,350/40 and 1,324.00; while resistance is seen at 1,420.00, followed by 1,450/60, 1,488.00 and higher up. At the moment, Gold is consolidating in a cone pattern and is probably in its 4th leg down. A 5th leg up should probably break out of the cone structure. The entire rally from 1,324.00 could be unfolding into a 3 wave correction towards 1,500/25 levels before the next major down move begins.

Trading recommendations:

Remain long, stop is at 1,369.50, and target is open.

Good luck!

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