Technical analysis of Gold for May 29, 2015

Technical outlook and chart setups:

Gold triggered stops at $1,180.00 yesterday before pulling back sharply. The metal is trading at the leve; of $1,188.00 at the moment. It tested its trendline support and fibonacci 0.786 levels yesterday. Bulls should remain poised to push prices higher from here on until the metal stays above $1,168.00. It is hence recommended to initiate 50% long positions again with risk below $1,168.00. Immediate support is seen at the level of $1,170.00 levels followed by $1,162.00, $1,143.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,168.00, a target is open.

Good luck!

The material has been provided by InstaForex Company –