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18.04.201409:18 Forex Analysis & Reviews: Technical analysis of Gold for April 18, 2014

Long-term review

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Technical outlook and chart setups:

1. Gold remains virtually unchanged and is locked amid $1290.00 and $1,304.00 levels at the moment. A push below $1,290.00 would want to re-test intermediary lows at $1,277.00 before rallying further high. On the other hand, a break above $1,305.00/10.00 would confirm that the yellow metal is moving higher towards $1.350.00/60.00 at least. Recommendations are to remain long for now, risk remains at $1,277.00.

2. Support is at $1,277.00 (intermediary) followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,330.00 (intermediary) followed by $1,350.00/60.00 and $1,388.00, respectively.

3. The structure indicates that Gold can remain in control of bulls till prices remain above $1,277.00 for now. A break above $1,310.00 levels would confirm that a higher low is in place though.

Trading recommendations:

Remain long for now, stop at $1,277.00, target is open.

Good luck!

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