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22.04.201409:00 Forex Analysis & Reviews: Technical analysis of Gold for April 22, 2014

Long-term review

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Technical outlook and chart setups:

1. The Yellow metal bounced back sharply from intraday lows at $1,280.00 levels yesterday. Currently trading at $1,290.00, the metal can resume rally towards at least $1,350.00/60.00 levels from here on. Bulls are poised to remain in control till prices are above 1,277.00 levels. Recommendations are to remain long, risk is 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, $1,388.00 and higher, respectively.

3. The structure indicates that Gold remains bullish above $1,277.00 for now. The metal is expected to resume upswing which extends to $1,360.00 levels as seen here.

Trading recommendations:

Remain long, stop is at $1,275.00, target is open.

Good luck!

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