19.09.201410:39 Forex Analysis & Reviews: Technical analysis of Gold for September 19, 2014

Long-term review

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Technical outlook and chart setups:

Gold remains subdued between the $1,215.00 and $1,225.00 levels as seen in a 4H chart view here. Keeping the larger view in mind that the metal is trading around the 0.786 fibonacci support levels of the rally between $1,182.00 and $1,388.00, probability still remains that $1,180.00 could be retested before the rally resumes. As seen here, the metal needs to at least break above $1,240.00 levels (initial resistance), to declare that bulls are back in control. Gold would remain vulnerable towards fresh lows till $1,240.00 remains intact. Initial support is seen at $1,180.00/85.00, while immediate resistance is fixed at $1,240.00 for now.

Trading recommendations:

Remain flat for now, look to enter long.

Good luck!

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