06.05.201411:38 Forex Analysis & Reviews: Technical analysis of Gold for May 06, 2014

Long-term review

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Technical outlook and chart setups:

1. Gold is attempting to push further towards the $1,330.00 levels for now. A break would confirm that bulls are potentially taking prices through $1,350.00/60.00 levels in medium term. A failure would be encouraging to bears though. Recommendations are to remain flat Or Aggressively long from last week till $1,330.00 levels at least.

2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher up respectively.

3. The structure indicates that Gold is targeting $1,330.00 levels for now before a meaningful retracement can take place. All intraday dips are potential buy after that. The metal could push through $1,350.00/60.00 as seen below.

Trading recommendations:

Remain flat for now OR aggressively long from last week till it reaches at least $1,330.00.

Good luck!

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